Representatives of Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley & Co. are taking up the most space in the calendars of federal regulators tasked with implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to an open-government group's new analysis, "What the banks' three-year war on Dodd-Frank looks like."
Those financial institutions met with agency officials about the statute more often than any other organizations since Dodd-Frank became law in July 2010 in the wake of the 2008 financial crisis, the Sunlight Foundation report released on Monday shows. With 222 meetings, Goldman Sachs had the most conversations with regulators, followed by JPMorgan Chase with 207, and Morgan Stanley with 175.
Derivatives markets and products were the top topics of discussion for Goldman Sachs and Morgan Stanley, while the proposed Volcker Rule was JPMorgan Chase's leading interest. The Volcker Rule, which has yet to go into effect, is intended to prohibit risky investments at banks.