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Financial regulation reform may not even be -- yet.
But already their allegations that banks have been trying to buy influence with those voting on the proposal.
Bob Cusack a reporter for the hill which broke the story joins us now with details Bob.
Tell us about this news being -- up and who's doing that.
Well it's a pretty big investigation still unclear what exactly it's about as Stephanie about financial regulatory reform bill.
And an amendment that was attached to it and then withdrawn and of these fundraisers.
Surrounding the bill when it was voted on last December so.
But this is that comes at a bad time for congress -- approval ratings are very low.
They're eight lawmakers here there's five Republicans there's three Democrats it's unclear who is guilty who's not guilty.
This was not supposed to get apple we got a document that showed that this investigation -- ongoing.
It does look -- -- what was the amendment issue here.
The amendment with an amendment by Mel -- a Democrat from North Carolina -- some concerns about.
The exemption from auto dealers basically auto dealers did not want to be encompassed in this consumer agency in the financial regulatory reform bill.
-- had some concerns about it so he proposed an amendment to to change the amendment.
But at the two days before the final vote.
He withdrew that amendment and there were a number of industry fund raisers around that time so that has raised some questions Mel Watt -- says said.
He hopes to be cleared -- and looks forward to it he's not commenting extensively the other lawmakers also say the same thing and a very disappointed that this became public.
I like that there is that a -- in Italy became public -- can imagine you're not happy -- public.
You know this is a big issue on Capitol -- all the time people are -- and dying -- given donations contributions all the time.
How frequently does this -- committee actually pursue this kind of investigation and are they successful coming up with results.
Well this house ethics committee has launched -- -- fifty investigations.
Most half of them.
Basically dismissed before they reach the next stage and they've got to go through different stages before there's a referral -- house ethics committee and and that can be referred.
To the Department of Justice -- some of these are dismissed but you raise a good point.
On Health Care Reform there are plenty of fundraisers around.
The final votes but there was no as far as we know investigation of those fundraisers so there's something more here we've got some of the story but there's a lot more to be told.
And certainly the members want to have their names -- very quickly.
And this is something this is an office that was created by Nancy Pelosi when Democrats and we're going to be.
The more ethical party in congress and now members are looking at this new office.
That's ethics office and saying.
This is tarnishing -- names and we haven't funny and wrong.
So it may be some changes to this that for this office.
As fascinating a you know.
Help us understand here.
What do you think is really at stake here you know financial services re regulation obvious -- this is one of the most the wealthiest.
A group industry that there -- is right they have lots of money out there for donations.
You know they're used to peddling their influence.
I have -- what do you think is gonna come out of this at the end of the day how successful.
Can -- group like this would be in pursuing something that's really pretty subtle when you get down to it.
-- -- know that's a good point it's very gray if you get a contribution.
And then you vote a certain way did you vote that way because of the contribution.
How do you prove that you've got to prove intent -- so.
Now this ethics office does look into a variety of stuff they don't launch anything unless they believe there is reasonable cause to look into -- so.
It could be some damning evidence that we don't know what yet.
But clearly members of congress are are tired of this and some -- call -- a witch hunt while.
Bob -- I hope you'll bring it back to list when you find out the answer to that question we'd love to hear about it.
Thanks so much.
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