Bloomberg rivaling Wall Street for lobbying efforts on financial issues?

US Capitol Building

Bloomberg LP isn’t just looking like a finance company lately — it’s starting to lobby politicians like one, too.

The NY Post reports that the media giant has been rivaling Wall Street banks as the most active among groups glad-handing DC insiders to influence Dodd-Frank-era financial regulation.

It is unusual for a media company to focus its lobbying efforts on financial issues. However, Bloomberg over the past few years has been steadily encroaching on the territory of some its bank clients, offering services and products that compete directly with the likes of Goldman Sachs, JPMorgan Chase and others.

Lately, much of Bloomberg’s lobbying has been centered on establishing a swaps clearance platform, further ramping up the competition with some clients.

Bloomberg worked with the Commodities Futures Trading Commission to establish its so-called swaps execution facility, which will launch after new derivative rules kick in later this year.

Those fears were heightened in May when Goldman accused Bloomberg reporters of using the terminals to track bank employees. Bloomberg is currently in the process of conducting an internal review into the spying scandal.

Industry players believe Bloomberg’s Washington lobbying efforts may present a conflict — if not raise eyebrows.

Hit the link below to access the complete NY Post article.

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image: © Aaron Logan

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