Bank of America, bailout in hand, continues lobbying efforts

As Bank of America faces intensifying congressional oversight during the nation's worst economy since the Great Depression, the company has spent more than $1.5 million lobbying on Capitol Hill. Bank of America. the recipient of $45 billion in taxpayer bailout money from the federal Troubled Asset Relief Program, has worked to sway lawmakers on more than two dozen pieces of legislation in both the House and Senate. The Charlotte, N.C., company wants flexibility on spending the bailout funds and also wants to fend off restrictions on executive compensation, home mortgage lending and credit card fees. The bank also is lobbying on a consumer rights bill, on student lending issues, on a bill that would've allowed bankruptcy judges to alter mortgages and on a proposed federal regulatory oversight agency.