Corporate lobbyists and the corporations who hire them. They are the enemy of good legislation in the public interest.
We know they are going to outspend the public interest groups striving to get this agency off the ground with as robust an enforcement mission as possible.
We know they are going to be able to outman us, and make promises of large campaign contributions to politicians.
So why is the White House leaving this crucial piece of legislation launching this new agency to the very Congress they admit are unduly pressured by industry lobbyists?!?!
In this HuffPo piece Austin Goolsbee makes plain what we all know to be true:
"It's really important that we keep the focus on what is in the public interest," Goolsbee said. "But without that focus this thing just becomes yet another bill that's down in the bowels of the Banking Committee and Congress, and it gets chewed up and pushed by special interests, which is basically how we got to the regulatory environment we were in before that burned down and burned down the whole neighborhood with it."
So why isn't the White House quarterbacking this legislation? Why is it once again being deferential to Congress, especially after watching the sausage factory that is the healthcare reform legislative fight? After seeing what Max Baucus's definition of bipartisanship is. After seeing how the GOP has basically declared the majority party as an enemy?
President Obama admitted all this plainly yesterday:
But all this hasn't stopped the big financial firms and their lobbyists from mobilizing against change. They're doing what they always do - descending on Congress and using every bit of influence they have to maintain a status quo that has maximized their profits at the expense of American consumers. And since they're worried they may not be able to kill this agency, they're trying their hardest to weaken it - by asking for exemptions from this agency's rules and enforcement; by fighting to keep open every gap and loophole they can find. And they're very good at this, because that's how business has been done in Washington for a very long time. In fact, over the last ten years, the Chamber of Commerce alone spent nearly half a billion dollars on lobbying - half a billion dollars.
So White House legislative shop - where's YOUR bill? Where's the bill Obama wants to see? And where's the bully pulpit muscle behind such a bill that can make sure the voices of corporate America are drowned out?
This White House does a great job of recognizing the end goal, but has proven not quite as adept at moving that ball down the field and beating the defense in front of them. It's time for the White House to learn how to execute these plans and take ownership of this important fight.
The solution is as plain as day. If you don't want the lobbyists crafting the legislation, then KEEP THEM OUT OF THE FUCKING ROOM!