WASHINGTON (AP) -- The Financial Industry Regulatory Authority, the brokerage industry's self-policing organization, spent $300,000 in the first quarter to lobby on new rules putting the financial overhaul into effect and on other regulation issues, a disclosure report shows.That exceeds the $210,000 that FINRA spent in the first quarter of 2010 and the $220,000 it spent in the fourth quarter of last year.The organization lobbied Congress and the Securities and Exchange Commission. The SEC and other federal agencies are writing rules to implement last summer's revamp of financial laws, the most sweeping since the Great Depression. FINRA reported that it also lobbied on other issues related to securities industry regulation and investor protection, according to a disclosure form filed April 21 with the Senate's public records office.FINRA has around 4,500 members, from A&M Securities in Alpharetta, Ga., to Ziv Investment Co. in Chicago. Among its biggest, well-known members are Banc of America Securities, Citigroup Global Markets, Credit Suisse Securities (USA) and JPMorgan Securities.Lobbyists are required by law to disclose activities that could influence members of the executive and legislative branches.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.