Big-Bank Lobby Group Adds Democrat as Power in Congress Shifts

(Bloomberg) -- A Washington trade association for big banks has hired a top aide to the Congressional Black Caucus, adding a new Democratic lobbyist as Wall Street gears up for an onslaught of oversight in the House of Representatives next year.

Fabrice Coles will join the Bank Policy Institute in February as vice president of government affairs, the group said Tuesday. Coles, 35, is slated to work on consumer and financial technology issues.

“We were looking to bolster our Democratic credentials,” said Anthony Cimino, head of government affairs at the institute. “We’re confident Fabrice is the right person for this organization and to help us move our agenda.”

BPI represents domestic and foreign lenders including JPMorgan Chase & Co., Bank of America Corp. and Deutsche Bank AG. Coles, who has been executive director for the CBC, has spent almost a decade working on financial policy on Capitol Hill and with the Treasury Department’s Community Development Financial Institutions Fund.

The CBC counts almost 50 lawmakers in its ranks, and its power is set to grow next year as Democrats assume control of the House. Among its prominent members are Representative Maxine Waters of California, the incoming chair of the Financial Services Committee, and Elijah Cummings of Maryland, who will run the Oversight and Government Reform Committee.

Both panels are expected to focus much of their attention on financial services firms and issues in response to what Democrats say has been lax oversight by the Trump administration.

To contact the reporter on this story: Robert Schmidt in Washington at rschmidt5@bloomberg.net

To contact the editors responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net, Gregory Mott, Jesse Hamilton

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