Investment group spent nearly $1.6M to lobby in 1Q

The Investment Company Institute spent almost $1.6 million in the first quarter to lobby on measures to address the housing and credit crises, and other issues, according to a recent disclosure form.

The trade group lobbied on legislation that would let bankruptcy judges modify the terms of some home mortgages during bankruptcy proceedings. It also lobbied on a bill that would bring mortgage brokers under a nationwide licensing registry, establish minimum standards for home loans, expand some limits on high-cost mortgages and prohibit brokers from steering consumers into mortgages they are unlikely to repay.

The Investment Company Institute also lobbied on bills that would give shareholders a nonbinding vote on pay packages for top executives, expand the disclosure of fees tied to 401(k)-style retirement plans, and require brokers to report the cost basis of securities sold by their clients.

The institute represents mutual fund companies and other investment companies, including Oppenheimer Funds and Invesco PLC.

Besides Congress, the group lobbied the Treasury and Labor departments, and the Securities and Exchange Commission in the first three months of the year, according to a disclosure form filed April 21 with the House clerk's office.