Lobby's Don't Always Win

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The Dodd/Frank banking reform bill has been challenged by bank lobbyists, most of whom were formerly in the government, but they don't always win. The Senate defeated a bill that was primarily supported by the major credit card companies that would have delayed a bill, that was previously passed by a wide margin, that reduced bank fees on debit card transactions from 44 cents to 12 cents per transaction. That fee is consistent with fees in Europe where the same credit card companies operate.

The delay bill was supported by a majority in the Senate but it needed 60 votes to overcome a filibuster. The intensive lobbying managed to convince 9 Senators who had voted for the original bill to change their votes but that was not enough to delay the bill. The banking lobbyists were opposed by lobbyists who represented retailers who pay the debit card transaction fees to the banks. Perhaps the real conclusion to reach is that lobbyists have a hard time winning when one lobby is pitted against another lobby.