|Copyright:||The Associated Press. All rights reserved.|
CHARLOTTE, N.C. — Insurer Prudential Financial Inc. spent $1.69 million during the first quarter to lobby the government on insurance and financial regulation reform.
The money Prudential spent during the first three months of 2010 is 22 percent less than the $2.18 million the company spent during the same quarter a year earlier at the height of the credit and financial crisis. Prudential spent $2.1 million in the 2009 fourth quarter.
The government launched a $700 billion financial rescue program at the end of 2008. Prudential was approved to participate and could have accessed billions of dollars in government money, but turned down the offer. The Newark, N.J.-based insurer instead raised additional capital to shore up its balance sheet through stock and debt sales.
Prudential’s lobbying efforts were tied to legislation related to insurance reform and other bills aimed at health care, reforming mortgage lending rules, transparency of credit ratings, derivatives, securitizations, retirement savings, taxation and foreign trade.
Prudential lobbied Congress, the Treasury Department, the Securities and Exchange Commission, Labor Department, Commerce Department, and the U.S. Trade Representative, according to the report filed April 20 with the House clerk’s office.