Wall Street’s Win on Swaps Rule Shows Washington Resurgence
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Wall Street is re-emerging as a force in Washington as it closes in on one of its biggest wins against regulation since the financial crisis.
With must-pass spending legislation making its way through Congress this week, banks seized on an opportunity to attach a measure that would halt a planned restriction on derivatives trading they had long opposed. The industry’s lobbying extended to the highest levels of finance with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon pressing lawmakers to support the change.