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The bank’s money spent on lobbying is on pace to reach a record high again this year as the industry Battles to weaken or repeal hundreds of rules are made by federal regulators.
Lobbying spending by the five biggest spenders in the commercial banking sector increased 12 percent in the three first quarter 2011 during the same period last year, the federal lobbying disclosure analysis observer records show.
Wells Fargo in particular turned out to be a major player in Washington. San Francisco-based bank spending on lobbying is up to 80 percent in the first three quarters of this year, compared with the same period last year.
“If these companies and it organizations continue to spend money at the rate they have spent it, they will shoot through the roof again this year,” said Michael Beckel, a spokesman for the Group’s Research Center for responsive politics, which tracks u.s. federal lobbying.