Skip to main content

Congress Goes To College: Finance 101

  • Author:
  • Updated:

The Financial Services Roundtable has had to sit Congress down a few times and explain things to them, and they've been extraordinarily patient. FSR president Steve Bartlett has spent many hours walking the halls of Congress in his ostrich skin boots (really). But he's a busy guy and he just can't keep homeschooling the Congress kids any more, who we assume are still struggling with the difference between assets and liabilities. So he's sending them off to college for some formal schooling:

In February, the roundtable sponsored “Financial Services University,” a two-day conference for Congressional staff members, where “visiting professors” gave presentations on Dodd-Frank. A top executive at Visa, the credit card giant, addressed new caps on debit card fees, according to a copy of the agenda. The associate general counsel for Bank of America discussed new mortgage regulations.

Mr. Bartlett, 63, called the event educational. “We are not here to lobby,” he told roughly 200 attendees. “We’re here to tell you what the facts are, and we think you’ll ultimately agree with us.”

What other visiting professors do you think are being brought in? They probably could have gotten Angelo Mozilo to cover mortgage underwriting standards, Fab Tourre for CDO conflict-of-interest rules, and Dick Fuld for liquidity disclosure rules.

Wall Street Lobbyists Aim to "Reform the Reform" [NYT Dealbook]