Bank of America spent 1.09 million in 2nd quarter lobbying federal government on reform

more images

more images

BofA spent $1.09 million lobbying government in 2Q

NEW YORK — Bank of America Corp. spent $1.09 million in the second quarter to lobby the federal government on various aspects of the financial regulatory overhaul and other issues, according to a disclosure report.

That’s up 36 percent from the $800,000 it spent in the 2009 second quarter as the financial crisis ensued, and 16 percent above the $940,000 it spent in the first quarter of 2010. For the first six months of the year, Bank of America spent $2.03 million on lobbying as banking regulations came to the forefront of the national agenda.

Bank of America received $45 billion in federal bailout funds during the financial crisis in late 2008 and early 2009. It repaid the funds in December. For the first half of 2010, its lobbying expenditures were fifth among the top 10 banks that received money under the Troubled Asset Relief Program, or TARP.

The lobbying efforts came as the Charlotte, N.C., bank sought to influence legislation and regulation regarding the creation of a consmer financial protection agency, executive compensation and Wall Street reform.

The bank lobbied on other issues tied to the financial regulatory overhaul that President Barack Obama signed in July and other legislation proposed in response to the economic crisis. Issues included the regulation of investment advice, mortgage reform, credit cards, consumer debt settlement and student lending, according to the report filed on July 19.

Bank of America also lobbied on bills related to cybersecurity, patent reform and tax issues during the quarter.

In the April-to-June period, the company lobbied Congress, the Treasury Department and the Federal Reserve, according to the report filed with the House clerk’s office.