Wells Fargo Ramps Up Legislative Lobbying

""Wells Fargo"":https://www.wellsfargo.com/ has been ramping up its lobbying activities over the past several years. After spending just $620,000 on lobbying in 2002, a decade later the bank's spending is in the millions, according to data from the ""Center for Responsive Politics."":http://www.opensecrets.org/orgs/summary.php?id=D000019743&cycle=2012

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Last year, Wells Fargo spent nearly $8 million on government lobbying. This year, the bank has invested a total of about $3.8 million in lobbying, according to the Center.

Not only has the bank increased its spending, it has also increased its number of lobbyists registered in various states. This year, 150 lobbyists are working in 31 state capitals on behalf of Wells Fargo, according to research by a ""_Charlotte Observer_"":http://www.kansascity.com/2012/10/08/3857280/wells-fargo-increases-its-lobbying.html reporter.

Five years ago, the bank recorded 47 lobbyists working in 10 states, according to the _Observer._

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Wells Fargo attributes the increase in its number of registered lobbyists to changing rules regarding government contracts. In many states, individuals vying for government contracts are required to register as lobbyists, even though they may not be attempting to sway regulation.

""There's been an increase in procurement lobbying laws over the past few years, and Wells Fargo strives to comply with applicable laws and regulations,"" a Wells Fargo spokesman told the _Observer._

However, according to the _Observer_, Wells Fargo ""has put legislative lobbyists in state capitals where none had been before"" in at least 11 states.

Wells Fargo's actions are not all that surprising, according to the Center for Responsive Politics, which notes on its site that ""a special interest's lobbying activity may go up or down over time, depending on how much attention the federal government is giving their issues.""

With banking├â┬ó├óÔÇÜ┬¼├óÔé¼┬Øand housing finance in particular├â┬ó├óÔÇÜ┬¼├óÔé¼┬Øfacing increased scrutiny from the government, it might seem natural Wells is ramping up its lobbying.

Housing followed finance as the second-most lobbied issue by Wells this year. In fact, the ""Housing Finance Reform Act of 2011"":http://www.govtrack.us/congress/bills/112/hr1859 continues to be one of the top lobbied bills by the bank: Wells mentioned the bill in four issues reports throughout 2011, making the bank one of the more active clients for that piece of legislation.