In all, Bank of America spent $3.6 million last year to lobby Washington lawmakers on a wide range of issues, from credit card reform to a proposed consumer financial protection agency. It wanted a say on how much its leaders should be paid, on the bank's role in preventing foreclosures, on bankruptcy, on student loans and on tricky financial instruments such as over-the-counter derivatives.
Last year's lobbying bill was a 13 percent drop from the $4.1 million it spent in 2008. Bank of America cut back on its lobbying spending the first half of 2009 from the previous year in part because of the recession, the bank said last summer. It also hired far fewer outside firms.
At the time, the bank was part-owned by federal taxpayers through the Troubled Asset Relief Program. Bank of America repaid its TARP money in early December.
Other banks also decreased or held steady in their spending. Goldman Sachs Group Inc. reduced its lobbying costs to $2.8 million in 2009 from $3.3 million in 2008, a 15 percent decline. Citigroup Inc. spent $5.5 million, unchanged from 2008, according to a Bloomberg News report.
Even though Bank of America spent less last year; it began pouring in more money as the year went on. A third of its spending came in the fourth quarter.
After a lull in early 2009 on the financial reform front, suddenly there was plenty of work. Bank of America spokeswoman Shirley Norton said the bank's issues increased in late 2009, needing analysis and evaluation.
"Our focus remains trying to be constructive in helping ensure that regulatory reform is thoughtfully done and fosters sound and competitive banking," Norton said in an e-mail.
Financial bill opposedThe House of Representatives passed a major financial reform bill last fall, anchored by a proposed Consumer Financial Protection Agency, authored in part by U.S. Reps. Mel Watt of Charlotte, D-N.C., and Brad Miller, D-N.C.
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