Scrutiny Over JP Morgan Chase Likely to Necessitate Lobbying Increase

JP Morgan Chase is a major provider of financial services and one of the largest banks in the U.S.  The firm recently recorded significant loses of over $2 billion as a result of its credit trading activities.  These enormous losses caught the attention of Congress.   In the coming weeks, JP Morgan Chase will lean heavily on their lobbying team to weather the storm as the company faces new scrutiny from Congress.  With the banking industry already facing greater regulation with the implementation of Dodd-Frank, JP Morgan Chase’s trading activities may increase the call for stronger regulations to be implemented.  Below is a look at some of the recent lobbying the bank has done.

Highlights

  • In 2011, a total of $7,620,000 was spent on lobbying and JP Morgan Chase hired 13 lobbying firms.
  • So far in 2012 a total of $1,920,000 (Q1) was spent on lobbying, with ten lobbying firms lobbying on JP Morgan Chase’s behalf.
  • The bank has made a total of $432,000 of political contributions during the current election cycle with,  with 11 PACs receiving $10,000 or more.
  • Currently 48 lobbyists are representing the bank, including 14 who work as in-house lobbyists.
  • 12 of the 14 in-house lobbyists are former congressional and federal staffers.

Lobbying Activity of JP Morgan Chase in Q1 2012

Bills lobbied during Q1 2012

  • 112 H.R.1707: Data Accountability and Trust Act
  • 112 H.R.1838: To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibiting any Federal bailout of swap dealers or participants.
  • 112 H.R.2072: Export-Import Bank Reauthorization Act of 2012
  • 112 H.R.2568: To prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.
  • 112 H.R.2682: Business Risk Mitigation and Price Stabilization Act of 2011
  • 112 H.R.2779: To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
  • 112 H.R.3035: Mobile Informational Call Act of 2011
  • 112 H.R.3261: Stop Online Piracy Act
  • 112 H.R.3283: Swap Jurisdiction Certainty Act
  • 112 H.R.3523: Cyber Intelligence Sharing and Protection Act
  • 112 H.R.3606: Jumpstart Our Business Startups
  • 112 H.R.3674: PRECISE Act of 2011
  • 112 H.R.4101: Fair Debt Collection Practices Clarification Act of 2012
  • 112 H.R.4263: SECURE IT Act of 2012
  • 112 H.R.749: To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
  • 112 H.R.940: United States Covered Bond Act of 2011
  • 112 S.1207: Data Security and Breach Notification Act of 2011
  • 112 S.1619: Currency Exchange Rate Oversight Reform Act of 2011
  • 112 S.170: Helping Responsible Homeowners Act
  • 112 S.1835: United States Covered Bond Act
  • 112 S.2105: Cybersecurity Act of 2012
  • 112 S.2151: SECURE IT
  • 112 S.2232: Civilian Property Realignment Act of 2012
  • 112 S.489: Preserving Homes and Communities Act of 2011

Registered In-House Lobbyists Congressional and Federal Experience

Jack Bartling  

  • Senior Counsel, Committee on Financial Services, (2011 – 2011)
  • Deputy Assistant Secretary, Deputy Assistant Secretary for International Affairs, (2006 – 2008)
  • Legal Counsel, Campaign Finance, Civil Rights, Trade, Crime, Drugs, Immigration, Judiciary, Christopher S. Bond, (2001 – 2005)
  • Legal Counsel Campaign Finance Civil Rights Commerce Trade Communications Crime Drugs Immigration Judiciary, Christopher S. Bond, (1999 – 2000)

Naomi G. Camper      

  • Legislative Assistant, Banking, Housing, Labor, Postal Issues, Telecommunications, Sen. Tim Johnson (D-SD), (2001 – 2004)
  • Staff Director, Subcommittee on Financial Institutions and Consumer Protection, (2001 – 2002)

Nathan J Gatten     

  • Banking, Tax, Joint Economic Committee, Robert F. Bennett, (1998 – 1998)
  • Legislative Correspondent, Robert F. Bennett, (1996 – 1997)

Thomas Koonce   

  • Legislative Director, Rep. Brad Miller (D-NC), (2003 – 2004)
  • Systems Manager; Legislative Assistant, Labor, Communications, Post Office, Civil Service, Energy, Science, Stephen L. Neal, (1994 – 1994)

Steven R. Patterson     

  • Legislative Assistant, Housing, Agriculture, Financial Services, Sen. Jim Bunning (R-KY), (2004 – 2005)
  • Staff Director, Subcommittee on Economic Policy, (2003 – 2005)
  • Legislative Assistant, Banking, Housing, Agriculture, Small Business, Taxes
  • Sen. Jim Bunning (R-KY), (2002 – 2003)
  • Legislative Assistant, Sen. Jim Bunning (R-KY), (2001 – 2001)
  • Legislative Assistant Banking Housing and Urban Affairs Agriculture Nutrition and Forestry Small Business, Sen. Jim Bunning (R-KY), (1999 – 2000)
  • Associate Staff, Representative Bunning, Majority Associate Staff, (1998 – 1998)
  • Legislative Assistant, Social Security, Budget, Agriculture, Sen. Jim Bunning (R-KY), (1997 – 1998)
  • Associate Staff, Representative Bunning, Committee on Budget, (1997 – 1997)
  • Legislative Assistant, Ways and Means, Oversight, Commerce, National Security, Transportation and Infrastructure, Natural Resources, Agriculture, Sen. Jim Bunning (R-KY), (1995 – 1996)
  • Legislative Assistant, Education, Post Office and Civil Service, Science and Technology, Veterans, Defense, Armed Services, Small Business, Abortion, Gun Control, Prayer in Schools, District of Columbia, Natural Resources, Sen. Jim Bunning (R-KY), (1994 – 1994)
  • Legislative Aide, Sen. Dan Coats (R-IN), (1993 – 1993)

Brendan Reilly  

  • Professional Staff Member, Committee on Financial Services, (2004 – 2004)
  • Legislative Assistant, Mike Ferguson, (2001 – 2002)

Peter L Scher   

  • Special Trade Negotiatior, Office of the U.S. Trade Representative, (2000 – 2000)
  • Special Trade Negotiator, Office of the U.S. Trade Representative, (1997 – 1999)
  • Chief of Staff, Department of Commerce, (1996 – 1996)
  • Chief of Staff, Office of the U.S. Trade Representative, (1995 – 1995)
  • Staff Director, Committee on Environment and Public Works, (1993 – 1994)

Pierce Scranton     

  • Chief of Staff, Council of Economic Advisers, (2008 – 2008)
  • Chief of Staff, Jennifer B. Dunn, (2004 – 2004)
  • Legislative Assistant, Jennifer B. Dunn, (2001 – 2002)
  • Caseworker; Field Representative, Jennifer B. Dunn, (1999 – 2000)

Hilary West        

  • Legis. Counsel, Rep. Mel Watt (D-NC), (2009 – 2012)
  • Legislative Counsel, Financial Services, Rep. Mel Watt (D-NC), (2007 – 2008)
  • Executive Assistant, Rep. Jesse L. Jackson, Jr. (D-IL)+B6, (1997 – 1997)
  • Legislative Assistant, Rep. Jesse L. Jackson, Jr. (D-IL), (1996 – 1996)
  • Scheduler, Office Manager, Rep. Sanford D. Bishop, Jr. (D-GA), (1995 – 1995)

Clarence L. Williams       

  • Chief of Staff, Rep. Kendrick B. Meek (D-FL), (2009 – 2011)
  • Special Assistant to the Administrator, Rural Housing and Community Facilities, (2009 – 2010)
  • Special Assistant, Rep. Hank Johnson (D-GA), (2008 – 2008)

Todd Williamson       

  • Chief of Staff, Rep. Kendrick B. Meek (D-FL), (2008 – 2011)
  • Legislative Director, Rep. Kendrick B. Meek (D-FL), (2003 – 2007)

PAC Contributions made in 2011-2012

Contributions that JP Morgan Chase’s PAC has made in the current election cycle.

Beneficiary Candidate Amount
Democratic Senatorial Campaign Committee   $30,000
Congressional Trust 2012   $15,000
National Republican Congressional Committee
Connected to: Cantor Victory Fund
  $15,000
National Republican Senatorial Committee   $15,000
Beatty For Congress Beatty, Joyce $10,000
Blue Dog Political Action Committee   $10,000
Committee For Hispanic Causes/Building Our Leadership Diversity PAC (Chc Bold PAC)   $10,000
Moderate Democrats PAC   $10,000
New Democrat Coalition Political Action Committee aka Ndc PAC   $10,000
Tfp-Fojb Committee Rep. John Boehner (R OH-8) $10,000
Pioneer Political Action Committee   $6,000
Alamo PAC   $5,000
America’s Leadership PAC   $5,000
American Bankers Association PAC (Bankpac)
Connected to: American Bankers Association
  $5,000
American Benefits Council Political Action Committee
Connected to: American Benefits Council
  $5,000
American Securitization Forum Inc Political Action Committee   $5,000
Ameripac: The Fund For A Greater America
Connected to: Steny Hoyer
  $5,000
Blue Hen PAC
Connected to: Coons
  $5,000
Bluegrass Committee   $5,000
Building Relationships In Diverse Geographic Environments PAC (Bridge PAC)
Connected to: Clyburn
  $5,000
Chamber of Commerce of The United States of America PAC (US Chamber PAC)
Connected to: Chamber of Commerce of The USA
  $5,000
Commercial Real Estate Finance Council PAC
Connected to: Commercial Real Estate Finance Council
  $5,000
Committee to Elect Chris Murphy
Connected to: Connecticut For Change
Rep. Chris Murphy (D CT-5) $5,000
Common Sense Colorado   $5,000
Consumer Bankers Association Political Action Committee, The   $5,000
Continuing A Majority Party Action Committee (Campac)
Connected to: David Lee Camp
  $5,000
Defend America PAC   $5,000
Connected to: Senator Richard Shelby    
Every Republican Is Crucial (Ericpac)   $5,000
Connected to: Cantor Young Guns Victory Fund    
Financial Services Roundtable PAC   $5,000
Connected to: The Financial Services Roundtable    
First State PAC   $5,000
Freedom Fund   $5,000
Glacier PAC
Connected to: Senator Max Baucus
  $5,000
Growth and Prosperity Political Action Committee
Connected to: Spencer Bachus
  $5,000
House Conservatives Fund
Connected to: Patrick Timothy McHenry
  $5,000
Impact   $5,000
Investment Company Institute Political Action Committee   $5,000
Jobs, Economy and Budget Fund (Jeb Fund)
Connected to: Republican Leadership Committee 2011
  $5,000
Jobs, Opportunities and Education PAC (Joe-PAC)   $5,000
Leadership of Today and Tomorrow   $5,000
Long Leaf Pine PAC   $5,000
Majority Committee PAC–Mc PAC
Connected to: Republican Leadership Committee 2011
  $5,000
Managed Funds Association Political Action Committee
Connected to: Managed Funds Association
  $5,000
Mortgage Bankers Association Political Action Committee
Connected to: Mortgage Bankers Association
  $5,000
National Association of Government Guaranteed Lenders Inc PAC   $5,000
New Pioneers PAC
Connected to: New Pioneers PAC
  $5,000
Orrinpac   $5,000
People For Enterprise Trade and Economic Growth (Pete PAC)
Connected to: Jbps Freedom Alliance
  $5,000
Rock City PAC   $5,000
Searchlight Leadership Fund   $5,000
Securities Industry and Financial Markets Association Political Action Committee
Connected to: Securities Industry and Financial Mark
  $5,000
Skipac   $5,000
South Dakota First
Connected to: Tim Johnson
  $5,000
Supporting Conservatives of Today and Tomorrow (Scott PAC)   $5,000
Treasure State PAC   $5,000
Trust PAC Team Republicans For Utilizing Sensible Tactics   $5,000
Voice For Freedom   $5,000
Ohio Republican Party State Central & Executive Committee
Connected to: Republican Finance Committee of Hamilt
  $3,000
3rd and Long PAC   $2,500
Badgerpac
Connected to: Congressman Ron Kind
  $2,500
CMR Political Action Committee
Connected to: CMR Political Action Committee
  $2,500
David Weprin For Congress Weprin, David I $2,500
Funding Developing Leadership Political Action Committee aka Fdl PAC   $2,500
Heartland Values PAC
Connected to: John R Thune
  $2,500
Invest In A Strong and Secure America – Issa PAC
Connected to: Darrell Issa
  $2,500
Jobs and Innovation Matter PAC (Jim PAC)
Connected to: Himes
  $2,500
Lincoln PAC   $2,500
Longhorn PAC
Connected to: Lamar Smith
  $2,500
Madison PAC; The
Connected to: Madison Pac; The
  $2,500
New PAC   $2,500
Prairieland PAC
Connected to: Michael O Johanns
  $2,500
Prosperity PAC
Connected to: Rep. Paul Ryan
  $2,500
Ranger Political Action Committee A.K.A. Ranger PAC
Connected to: Ranger Political Action Committee A.K
  $2,500
Rely on Your Beliefs Fund   $2,500
Republican Majority Fund   $2,500
Republican Operation to Secure and Keep A Majority (Roskam PAC)   $2,500
Steve Hobbs For Congress Hobbs, Steve $2,500
The Committee For The Preservation of Capitalism
Connected to: Charles Boustany
  $2,500
Toomey Prosperity Fund Toomey, Patrick Joseph $2,500
Victory In November Election PAC (Vinepac)   $2,500
Advance The Majority Political Action Committee   $2,000
Tenn Political Action Committee Inc (Tenn PAC)   $1,500
Conservatives Organized to Advance Tomorrow’s Solutions (Coats PAC)
Connected to: Daniel R Coats
  $1,000
Ice PAC   $1,000
Mint Political Action Committee (Mint PAC)
Connected to: James W Demint
  $1,000
Truth Accountability and Courage Political Action Committee (Tacpac)   $1,000
Castro For Congress Castro, Joaquin Mr. $500

Issues Lobbied by JP Morgan Chase in 2012 Q1

  • Banking: Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation, Derivatives, Mortgage Market Issues, Service Member Relief Act Issues; Financial Service related issues; HR 2682, the Business Risk Mitigation and Price Stabilization Act of 2011; HR 2779, to exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd Frank Wall; HR 2568, the Swap Execution Facility Clarifiction Act; Proposed rule on premium capture cash reserve account submitted by federal financial regulators; HR 3283 Swap Jurisdiction Certainty Act; HR 4101 Fair Debt Collections Practices Clarification Act of 2012; Effect of Volcker Rule on Impact Investments; Monitored and discussed activity on financial reform, oversight of the banking industry, consumer protection, credit card reform and derivatives. Monitored and advocated on financial reform implementation. Monitored activity on housing finance reform; S 489, S 170 – discussed home mortgage loan modifications, foreclosures, servicing, and refinancing; Discussed rulemakings on the fiduciary standard for broker-dealers and investment advisers; Tax and fee issues relating to financial institutions. Interchange fees. H.R. 3283, Dodd-Frank issues regarding collections and implementation. ; Telephone Consumer Protection Act amendments
  • Consumer Issues/Safety/Protection: HR 3035 – discussed proposals to amend the Telephone Consumer Protection Act; Discussed issues related to interchange fees
  • Housing: Financial Service related issues; Monitored foreclosure prevention proposals, loan limits and activity on housing issues. Monitored and advocated on reform of GSE/housing finance system. Monitored and advocated on issues impacting mortgage servicing. Monitored activity on mortgages and lending including housing finance reform; Proposed rule on premium capture cash reserve account submitted by federal financial regulators
  • Trade (Domestic & Foreign): Issues related to Asia-Pacific Economic Cooperation: S 1619, 1547; HR 2072 – discussed the issue of foreign exchange rates; Issues related to Export-Import Bank; Issues related to granting Permanent Normal Trade Relations to Russia; Issues of cross-border market access.
  • Veterans: Compliance with Service Members Civil Relief Act; Discussed Veterans hiring and compliance with the Servicemembers Civil Relief Act; Veterans issues related to the Service Members Civil Relief Act.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: