Thursday, December 19, 2013

Growth in regulations under Obama delight lobbyists

One of the themes Obama campaigned on in 2008 was his rejection of Bush era cronyism and how he was not going to play the corporate cronyism game.  Well, like most of what comes out of his mouth, it was deceptive.  Cronyism has never been healthier in the US than it is now, particularly in the sub-field of regulatory compliance.  From an article in The Hill:
Lobbyists are minting money from the surge in government regulations.
Top K Street officials say their regulatory work has accelerated in recent years thanks to the sprawling rule-making from the healthcare and financial reform laws.  “We’re in this situation now, where we have this strong executive branch [that is] taking full advantage of being able to do whatever they want,” said Rich Gold, a partner at Holland & Knight.

While revenue from traditional lobbying work has flatlined, K Street firms say their regulatory practices are thriving. Several lobbyists said federal agencies are increasingly “where all the action is.”
There's a lot of interest in the article, available here.