Tuesday, July 7, 2009

Financial lobby gears up effort against Obama plan

By Silla Brush

A coalition of financial services interests is in the process of organizing a major lobbying campaign against the Obama administration's plan for a Consumer Financial Protection Agency.

The plans are not yet final, but among the groups and firms in the discussion are the American Financial Services Association, Financial Services Roundtable, Mortgage Bankers Association and Community Bankers Association, according to two industry sources familiar with the plans.

The budget could be as high as several millions of dollars to organize grassroots opposition to the plan, launch an advertising campaign and contact congressional offices, according to one source.

The groups are hoping to get the effort up and running quickly because the administration and congressional leaders have set a tight timetable for passing legislation. They were listening to proposals on Wednesday from several advertising and grassroots advocacy firms.

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