Citigroup Inc. (NYSE: C) spent $1.25 million during the fourth quarter to lobby the government on banking and other financial regulation reform, according to Associated Press.
The lobbying efforts came as Citigroup agreed to repay government bailout funds. Citigroup reached a deal in December to repay the government $20 billion it received as part of the Treasury Department's Troubled Asset Relief Program. Another $25 billion Citigroup received from the government was previously converted into common stock in the company.
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The government has said it will sell its ownership stake in Citigroup over the next year.
The $1.25 million Citigroup spent to lobby the government during its fourth quarter is 2 percent less than the $1.28 million it spent during the last quarter in 2008, which is the same quarter it received its initial $25 billion in government bailout money and the credit crisis peaked. Citigroup spent $1.33 million to lobby the government during the third quarter.
Citigroup lobbied both houses of Congress, the Council of Economic Advisers, Department of Housing and Urban Development, Office of Thrift Supervision, National Economic Council, Treasury Department, White House, Executive Office of the President, Federal Reserve, Commodity Futures Trading Commission, National Security Council, Commerce Department and U.S. Trade Representative.
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