Law360, New York (September 6, 2012, 7:20 PM EDT) -- The American Bankers Association on Thursday voted to create a new tax-exempt advocacy group that can raise unlimited funds without disclosing its donors, which campaign and financial reform advocates say is an attempt to allow the trade group's members to anonymously back politicians who would water down the Dodd-Frank Act's reforms.
The bank lobbying group's board of directors voted to create a 501(c)(4) organization called the Financial Education and Advocacy Initiative, said Jeff Sigmund, an ABA spokesman.
“This is a capability that most large trade associations...
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