Banks, Tech Giants and Big Pharma Win as US Congress Dithers

Any Washington lobbyist worth their salt knows defeat or delay of new legislation is often the most lucrative outcome for corporate clients.

By that measure, 2023 was a success, as Congress passed few new laws amid months-long battles over raising the US debt limit and avoiding a government shutdown. All that inaction translated into wins for Wall Street banks, tech giants, and pharmaceutical companies, whose profits were spared the pinch of additional regulation.

Just 22 new laws had been enacted as of Tuesday, according to the US Federal Register, versus 281 last year, when Democrats controlled Washington. Some provisions tucked ...