Fact Check: Economic Advisor Larry Summers on Financial Reform

ByABC News
April 9, 2010, 12:16 PM

April 9, 2010 -- "I expect that reform is going to pass. It's not easy. You've got a million dollars being spent, per congressman, in lobbying expenses on this issue. (The) industry has four lobbyists per member of the House and Senate working on this," White House economic advisor Larry Summers said, when asked about the prospects for financial reform on This Week.

Politifact checked out Summers' statements -- that a million dollars was being spent per congressman, and that there were four lobbyists for every member of the House and Senate working on it -- and rated them 'Mostly True'.

\"I expect that reform is going to pass. It's not easy. You've got a million dollars being spent, per congressman, in lobbying expenses on this issue. (The) industry has four lobbyists per member of the House and Senate working on this,\" White House economic advisor Larry Summers said, when asked about the prospects for financial reform on This Week.

Politifact checked out Summers' statements -- that a million dollars was being spent per congressman, and that there were four lobbyists for every member of the House and Senate working on it -- and rated them 'Mostly True'.

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