JP Morgan Chase is a major provider of financial services and one of the largest banks in the U.S. The firm recently recorded significant loses of over $2 billion as a result of its credit trading activities. These enormous losses caught the attention of Congress. In the coming weeks, JP Morgan Chase will lean heavily on their lobbying team to weather the storm as the company faces new scrutiny from Congress. With the banking industry already facing greater regulation with the implementation of Dodd-Frank, JP Morgan Chase’s trading activities may increase the call for stronger regulations to be implemented. Below is a look at some of the recent lobbying the bank has done.
Highlights
- In 2011, a total of $7,620,000 was spent on lobbying and JP Morgan Chase hired 13 lobbying firms.
- So far in 2012 a total of $1,920,000 (Q1) was spent on lobbying, with ten lobbying firms lobbying on JP Morgan Chase’s behalf.
- The bank has made a total of $432,000 of political contributions during the current election cycle with, with 11 PACs receiving $10,000 or more.
- Currently 48 lobbyists are representing the bank, including 14 who work as in-house lobbyists.
- 12 of the 14 in-house lobbyists are former congressional and federal staffers.
Lobbying Activity of JP Morgan Chase in Q1 2012
Bills lobbied during Q1 2012
- 112 H.R.1707: Data Accountability and Trust Act
- 112 H.R.1838: To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibiting any Federal bailout of swap dealers or participants.
- 112 H.R.2072: Export-Import Bank Reauthorization Act of 2012
- 112 H.R.2568: To prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.
- 112 H.R.2682: Business Risk Mitigation and Price Stabilization Act of 2011
- 112 H.R.2779: To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- 112 H.R.3035: Mobile Informational Call Act of 2011
- 112 H.R.3261: Stop Online Piracy Act
- 112 H.R.3283: Swap Jurisdiction Certainty Act
- 112 H.R.3523: Cyber Intelligence Sharing and Protection Act
- 112 H.R.3606: Jumpstart Our Business Startups
- 112 H.R.3674: PRECISE Act of 2011
- 112 H.R.4101: Fair Debt Collection Practices Clarification Act of 2012
- 112 H.R.4263: SECURE IT Act of 2012
- 112 H.R.749: To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
- 112 H.R.940: United States Covered Bond Act of 2011
- 112 S.1207: Data Security and Breach Notification Act of 2011
- 112 S.1619: Currency Exchange Rate Oversight Reform Act of 2011
- 112 S.170: Helping Responsible Homeowners Act
- 112 S.1835: United States Covered Bond Act
- 112 S.2105: Cybersecurity Act of 2012
- 112 S.2151: SECURE IT
- 112 S.2232: Civilian Property Realignment Act of 2012
- 112 S.489: Preserving Homes and Communities Act of 2011
Registered In-House Lobbyists Congressional and Federal Experience
Jack Bartling
- Senior Counsel, Committee on Financial Services, (2011 – 2011)
- Deputy Assistant Secretary, Deputy Assistant Secretary for International Affairs, (2006 – 2008)
- Legal Counsel, Campaign Finance, Civil Rights, Trade, Crime, Drugs, Immigration, Judiciary, Christopher S. Bond, (2001 – 2005)
- Legal Counsel Campaign Finance Civil Rights Commerce Trade Communications Crime Drugs Immigration Judiciary, Christopher S. Bond, (1999 – 2000)
Naomi G. Camper
- Legislative Assistant, Banking, Housing, Labor, Postal Issues, Telecommunications, Sen. Tim Johnson (D-SD), (2001 – 2004)
- Staff Director, Subcommittee on Financial Institutions and Consumer Protection, (2001 – 2002)
Nathan J Gatten
- Banking, Tax, Joint Economic Committee, Robert F. Bennett, (1998 – 1998)
- Legislative Correspondent, Robert F. Bennett, (1996 – 1997)
Thomas Koonce
- Legislative Director, Rep. Brad Miller (D-NC), (2003 – 2004)
- Systems Manager; Legislative Assistant, Labor, Communications, Post Office, Civil Service, Energy, Science, Stephen L. Neal, (1994 – 1994)
Steven R. Patterson
- Legislative Assistant, Housing, Agriculture, Financial Services, Sen. Jim Bunning (R-KY), (2004 – 2005)
- Staff Director, Subcommittee on Economic Policy, (2003 – 2005)
- Legislative Assistant, Banking, Housing, Agriculture, Small Business, Taxes
- Sen. Jim Bunning (R-KY), (2002 – 2003)
- Legislative Assistant, Sen. Jim Bunning (R-KY), (2001 – 2001)
- Legislative Assistant Banking Housing and Urban Affairs Agriculture Nutrition and Forestry Small Business, Sen. Jim Bunning (R-KY), (1999 – 2000)
- Associate Staff, Representative Bunning, Majority Associate Staff, (1998 – 1998)
- Legislative Assistant, Social Security, Budget, Agriculture, Sen. Jim Bunning (R-KY), (1997 – 1998)
- Associate Staff, Representative Bunning, Committee on Budget, (1997 – 1997)
- Legislative Assistant, Ways and Means, Oversight, Commerce, National Security, Transportation and Infrastructure, Natural Resources, Agriculture, Sen. Jim Bunning (R-KY), (1995 – 1996)
- Legislative Assistant, Education, Post Office and Civil Service, Science and Technology, Veterans, Defense, Armed Services, Small Business, Abortion, Gun Control, Prayer in Schools, District of Columbia, Natural Resources, Sen. Jim Bunning (R-KY), (1994 – 1994)
- Legislative Aide, Sen. Dan Coats (R-IN), (1993 – 1993)
Brendan Reilly
- Professional Staff Member, Committee on Financial Services, (2004 – 2004)
- Legislative Assistant, Mike Ferguson, (2001 – 2002)
Peter L Scher
- Special Trade Negotiatior, Office of the U.S. Trade Representative, (2000 – 2000)
- Special Trade Negotiator, Office of the U.S. Trade Representative, (1997 – 1999)
- Chief of Staff, Department of Commerce, (1996 – 1996)
- Chief of Staff, Office of the U.S. Trade Representative, (1995 – 1995)
- Staff Director, Committee on Environment and Public Works, (1993 – 1994)
Pierce Scranton
- Chief of Staff, Council of Economic Advisers, (2008 – 2008)
- Chief of Staff, Jennifer B. Dunn, (2004 – 2004)
- Legislative Assistant, Jennifer B. Dunn, (2001 – 2002)
- Caseworker; Field Representative, Jennifer B. Dunn, (1999 – 2000)
Hilary West
- Legis. Counsel, Rep. Mel Watt (D-NC), (2009 – 2012)
- Legislative Counsel, Financial Services, Rep. Mel Watt (D-NC), (2007 – 2008)
- Executive Assistant, Rep. Jesse L. Jackson, Jr. (D-IL)+B6, (1997 – 1997)
- Legislative Assistant, Rep. Jesse L. Jackson, Jr. (D-IL), (1996 – 1996)
- Scheduler, Office Manager, Rep. Sanford D. Bishop, Jr. (D-GA), (1995 – 1995)
Clarence L. Williams
- Chief of Staff, Rep. Kendrick B. Meek (D-FL), (2009 – 2011)
- Special Assistant to the Administrator, Rural Housing and Community Facilities, (2009 – 2010)
- Special Assistant, Rep. Hank Johnson (D-GA), (2008 – 2008)
Todd Williamson
- Chief of Staff, Rep. Kendrick B. Meek (D-FL), (2008 – 2011)
- Legislative Director, Rep. Kendrick B. Meek (D-FL), (2003 – 2007)
PAC Contributions made in 2011-2012
Contributions that JP Morgan Chase’s PAC has made in the current election cycle.
| Beneficiary | Candidate | Amount |
| Democratic Senatorial Campaign Committee | $30,000 | |
| Congressional Trust 2012 | $15,000 | |
| National Republican Congressional Committee Connected to: Cantor Victory Fund |
$15,000 | |
| National Republican Senatorial Committee | $15,000 | |
| Beatty For Congress | Beatty, Joyce | $10,000 |
| Blue Dog Political Action Committee | $10,000 | |
| Committee For Hispanic Causes/Building Our Leadership Diversity PAC (Chc Bold PAC) | $10,000 | |
| Moderate Democrats PAC | $10,000 | |
| New Democrat Coalition Political Action Committee aka Ndc PAC | $10,000 | |
| Tfp-Fojb Committee | Rep. John Boehner (R OH-8) | $10,000 |
| Pioneer Political Action Committee | $6,000 | |
| Alamo PAC | $5,000 | |
| America’s Leadership PAC | $5,000 | |
| American Bankers Association PAC (Bankpac) Connected to: American Bankers Association |
$5,000 | |
| American Benefits Council Political Action Committee Connected to: American Benefits Council |
$5,000 | |
| American Securitization Forum Inc Political Action Committee | $5,000 | |
| Ameripac: The Fund For A Greater America Connected to: Steny Hoyer |
$5,000 | |
| Blue Hen PAC Connected to: Coons |
$5,000 | |
| Bluegrass Committee | $5,000 | |
| Building Relationships In Diverse Geographic Environments PAC (Bridge PAC) Connected to: Clyburn |
$5,000 | |
| Chamber of Commerce of The United States of America PAC (US Chamber PAC) Connected to: Chamber of Commerce of The USA |
$5,000 | |
| Commercial Real Estate Finance Council PAC Connected to: Commercial Real Estate Finance Council |
$5,000 | |
| Committee to Elect Chris Murphy Connected to: Connecticut For Change |
Rep. Chris Murphy (D CT-5) | $5,000 |
| Common Sense Colorado | $5,000 | |
| Consumer Bankers Association Political Action Committee, The | $5,000 | |
| Continuing A Majority Party Action Committee (Campac) Connected to: David Lee Camp |
$5,000 | |
| Defend America PAC | $5,000 | |
| Connected to: Senator Richard Shelby | ||
| Every Republican Is Crucial (Ericpac) | $5,000 | |
| Connected to: Cantor Young Guns Victory Fund | ||
| Financial Services Roundtable PAC | $5,000 | |
| Connected to: The Financial Services Roundtable | ||
| First State PAC | $5,000 | |
| Freedom Fund | $5,000 | |
| Glacier PAC Connected to: Senator Max Baucus |
$5,000 | |
| Growth and Prosperity Political Action Committee Connected to: Spencer Bachus |
$5,000 | |
| House Conservatives Fund Connected to: Patrick Timothy McHenry |
$5,000 | |
| Impact | $5,000 | |
| Investment Company Institute Political Action Committee | $5,000 | |
| Jobs, Economy and Budget Fund (Jeb Fund) Connected to: Republican Leadership Committee 2011 |
$5,000 | |
| Jobs, Opportunities and Education PAC (Joe-PAC) | $5,000 | |
| Leadership of Today and Tomorrow | $5,000 | |
| Long Leaf Pine PAC | $5,000 | |
| Majority Committee PAC–Mc PAC Connected to: Republican Leadership Committee 2011 |
$5,000 | |
| Managed Funds Association Political Action Committee Connected to: Managed Funds Association |
$5,000 | |
| Mortgage Bankers Association Political Action Committee Connected to: Mortgage Bankers Association |
$5,000 | |
| National Association of Government Guaranteed Lenders Inc PAC | $5,000 | |
| New Pioneers PAC Connected to: New Pioneers PAC |
$5,000 | |
| Orrinpac | $5,000 | |
| People For Enterprise Trade and Economic Growth (Pete PAC) Connected to: Jbps Freedom Alliance |
$5,000 | |
| Rock City PAC | $5,000 | |
| Searchlight Leadership Fund | $5,000 | |
| Securities Industry and Financial Markets Association Political Action Committee Connected to: Securities Industry and Financial Mark |
$5,000 | |
| Skipac | $5,000 | |
| South Dakota First Connected to: Tim Johnson |
$5,000 | |
| Supporting Conservatives of Today and Tomorrow (Scott PAC) | $5,000 | |
| Treasure State PAC | $5,000 | |
| Trust PAC Team Republicans For Utilizing Sensible Tactics | $5,000 | |
| Voice For Freedom | $5,000 | |
| Ohio Republican Party State Central & Executive Committee Connected to: Republican Finance Committee of Hamilt |
$3,000 | |
| 3rd and Long PAC | $2,500 | |
| Badgerpac Connected to: Congressman Ron Kind |
$2,500 | |
| CMR Political Action Committee Connected to: CMR Political Action Committee |
$2,500 | |
| David Weprin For Congress | Weprin, David I | $2,500 |
| Funding Developing Leadership Political Action Committee aka Fdl PAC | $2,500 | |
| Heartland Values PAC Connected to: John R Thune |
$2,500 | |
| Invest In A Strong and Secure America – Issa PAC Connected to: Darrell Issa |
$2,500 | |
| Jobs and Innovation Matter PAC (Jim PAC) Connected to: Himes |
$2,500 | |
| Lincoln PAC | $2,500 | |
| Longhorn PAC Connected to: Lamar Smith |
$2,500 | |
| Madison PAC; The Connected to: Madison Pac; The |
$2,500 | |
| New PAC | $2,500 | |
| Prairieland PAC Connected to: Michael O Johanns |
$2,500 | |
| Prosperity PAC Connected to: Rep. Paul Ryan |
$2,500 | |
| Ranger Political Action Committee A.K.A. Ranger PAC Connected to: Ranger Political Action Committee A.K |
$2,500 | |
| Rely on Your Beliefs Fund | $2,500 | |
| Republican Majority Fund | $2,500 | |
| Republican Operation to Secure and Keep A Majority (Roskam PAC) | $2,500 | |
| Steve Hobbs For Congress | Hobbs, Steve | $2,500 |
| The Committee For The Preservation of Capitalism Connected to: Charles Boustany |
$2,500 | |
| Toomey Prosperity Fund | Toomey, Patrick Joseph | $2,500 |
| Victory In November Election PAC (Vinepac) | $2,500 | |
| Advance The Majority Political Action Committee | $2,000 | |
| Tenn Political Action Committee Inc (Tenn PAC) | $1,500 | |
| Conservatives Organized to Advance Tomorrow’s Solutions (Coats PAC) Connected to: Daniel R Coats |
$1,000 | |
| Ice PAC | $1,000 | |
| Mint Political Action Committee (Mint PAC) Connected to: James W Demint |
$1,000 | |
| Truth Accountability and Courage Political Action Committee (Tacpac) | $1,000 | |
| Castro For Congress | Castro, Joaquin Mr. | $500 |
Issues Lobbied by JP Morgan Chase in 2012 Q1
- Banking: Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation, Derivatives, Mortgage Market Issues, Service Member Relief Act Issues; Financial Service related issues; HR 2682, the Business Risk Mitigation and Price Stabilization Act of 2011; HR 2779, to exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd Frank Wall; HR 2568, the Swap Execution Facility Clarifiction Act; Proposed rule on premium capture cash reserve account submitted by federal financial regulators; HR 3283 Swap Jurisdiction Certainty Act; HR 4101 Fair Debt Collections Practices Clarification Act of 2012; Effect of Volcker Rule on Impact Investments; Monitored and discussed activity on financial reform, oversight of the banking industry, consumer protection, credit card reform and derivatives. Monitored and advocated on financial reform implementation. Monitored activity on housing finance reform; S 489, S 170 – discussed home mortgage loan modifications, foreclosures, servicing, and refinancing; Discussed rulemakings on the fiduciary standard for broker-dealers and investment advisers; Tax and fee issues relating to financial institutions. Interchange fees. H.R. 3283, Dodd-Frank issues regarding collections and implementation. ; Telephone Consumer Protection Act amendments
- Consumer Issues/Safety/Protection: HR 3035 – discussed proposals to amend the Telephone Consumer Protection Act; Discussed issues related to interchange fees
- Housing: Financial Service related issues; Monitored foreclosure prevention proposals, loan limits and activity on housing issues. Monitored and advocated on reform of GSE/housing finance system. Monitored and advocated on issues impacting mortgage servicing. Monitored activity on mortgages and lending including housing finance reform; Proposed rule on premium capture cash reserve account submitted by federal financial regulators
- Trade (Domestic & Foreign): Issues related to Asia-Pacific Economic Cooperation: S 1619, 1547; HR 2072 – discussed the issue of foreign exchange rates; Issues related to Export-Import Bank; Issues related to granting Permanent Normal Trade Relations to Russia; Issues of cross-border market access.
- Veterans: Compliance with Service Members Civil Relief Act; Discussed Veterans hiring and compliance with the Servicemembers Civil Relief Act; Veterans issues related to the Service Members Civil Relief Act.
