History shows that lobbying is extremely counterproductive but it does not appear that banks have learned their lesson.
Lobbying is a permanent feature of the US political and regulatory scene. All industries participate and engage in it but some more than others. The question is, are these industries better off as a result of the often aggressive lobbying of the Congress and regulators? Does lobbying add value to an organization or industry?
The omens are not good.
During the 2000s a very curious thing happened. Three of the biggest industry lobbying groups experienced outcomes that would have been completely at odds with their business objectives. They were the oil industry, the auto industry and the banks.