SIFMA spending $85K a month to boost Street’s image

The Securities Industry and Financial Markets Association is spending $85,000 a month on a new lobbying campaign to convince the public that Wall Street embraces regulatory reform, according to Bloomberg News.
New York- and Washington-based SIFMA plans to enlist regional securities firms and retail brokers to push the industry’s message with members of Congress, Bloomberg said in a report yesterday.
Citing internal SIFMA documents, Bloomberg reported that the organization has retained polling, lobbying and public relations consultants for the campaign, which began this month.
SIFMA president Timothy Ryan told Bloomberg that the move “is designed to ensure our ideas for improved accountability, oversight and transparency are heard by the widest possible audience.”
The new expenditures are on top of SIFMA’s existing lobbying efforts.
In the first quarter, SIFMA spent $1.36 million to lobby Congress, and federal agencies and departments, according to the most recent disclosure reports filed with Congress.
SIFMA spent $5.1 million in lobbying efforts last year, down slightly from the $5.7 million it spent in 2007.
Bloomberg reported that SIFMA is considering dipping into its reserves to pay for the new project, which would amount to about $1 million a year.
“It sounds a little bit pricey,” said an executive at one SIFMA-member firm who asked not to be identified.
“But on other hand, the private client side … is not where the scandals have been” and representatives from the Street’s retail side might be well-positioned to implement a grass-roots campaign, the executive said.

Related Topics: Securities Industry And Financial Markets Association (SIFMA)