Wall Street Throwing Money to Dampen Dodd-Frank

The New York Post reported over the weekend that Wall Street is opening its wallet to dampen or outright kill off Dodd-Frank regulations which many say will hurt the economy and damage financial institutions' profitability. What I don't get is why financial institution ever gave money to Obama's campaign in the first place. Fighting back by unleashing lobbyists makes sense to me.

Lawmakers and their staffs are now busy proposing hundreds of rules. (And some retail financial advisors are making changes to their businesses.) Some of them are downright stupid. For example, the New York Times reported yesterday that some of the rules are rather "exotic." Here is a quotation from the story:

"While the issue may be outside the S.E.C.’s core expertise, it is now within its jurisdiction. A little-known amendment tacked on to the Dodd-Frank financial reform law requires corporations to disclose whether they manufacture products using so-called conflict minerals from Congo or neighboring countries." Jaysus!