Instead of Legislative Wins, Congress Hands Banks $7 Billion Tab

  • Wall Street gets little on its Washington wish list in 2015
  • Industry had lobbied over broker rules and lender supervision

Last December, Wall Street won its biggest lobbying victory since the financial crisis when lawmakers agreed to roll back costly derivatives rules imposed on the biggest banks. This week as Congress prepares to leave Washington, the industry emerged from the legislative scramble not only empty handed, but with their collective pockets picked of some $7 billion as well.

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