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So, after a decline in lobbying activity during the first quarter of this year, the major recipients of cash from the Troubled Asset Relief Program — TARP — have stepped up their spending as drafts of a new financial regulatory system have begun to take shape, according to the second-quarter lobbying disclosure reports released last week.
Bank of America, which received $45 billion in bailout money, boosted its lobbying tab to $890,000 in the second quarter, up from $660,000 in the first.
Citigroup, a $50 billion bailout recipient, nearly doubled its lobbying efforts, spending $2 million in the second quarter, compared with $1.35 million in the first.
Goldman Sachs, which received and has paid back $10 billion in TARP funds, reported spending $1 million on advocacy activity in the second quarter, compared with $670,000 in the first.
And Morgan Stanley, which has also repaid its $25 billion in bailout money, saw its lobbying tab increase to $935,000 in the second quarter, compared with $645,000 in the first.
Even Insurance giant American International Group, which is the biggest TARP recipient, at $70 billion, hasn’t left the lobbying field completely. It closed down its federal offices after the bail-out, but reported spending $950,000 on lobbying in the second quarter at the state level and in payments to trade organizations in Washington that advocate on their issues.