Why It Matters
Fidelity Investments has cut ties with Boesch and Co., ending a lobbying relationship that stretched back to 2009. The LDA termination, filed May 5, 2026 and effective January 1, 2026, closes out one of the firm's longest-running and most financially significant client engagements.
The lobbying disclosure termination is a major blow to Boesch and Co.'s book of business. Federal lobbying records show that Fidelity accounted for 70 of the firm's 109 total filings, representing roughly 64 percent of all disclosed activity and approximately $1,032,500 of the firm's roughly $2,052,500 in total disclosed revenue across its history.
The firm's remaining client base is thin. According to LDA filing data, the next-largest clients by revenue include the University of Oklahoma at $140,000, AT&T Corp. and Diversified Collection Services Inc. at $120,000 each, and a handful of others with significantly smaller footprints. None comes close to Fidelity's volume or consistency.
Boesch and Co. charged Fidelity a flat $15,000 per quarter for most of the relationship, a rate that held steady from 2009 through the termination. At that rate, the firm was generating roughly $60,000 per year from Fidelity alone.
Fidelity Is Still Lobbying
The Fidelity Investments lobbying disclosure activity makes clear this is not a pullback from federal advocacy. Fidelity spent approximately $3,095,000 on lobbying in 2025, up from $2,315,000 in 2024, according to federal lobbying records. The company maintains a roster of retained firms and in-house lobbyists covering everything from retirement policy to digital assets.
Boesch and Co.'s $60,000 annual retainer represented a small fraction of Fidelity's overall lobbying budget. The firm was not handling substantive issue advocacy in recent years. Filings from 2022 through the termination describe the work simply as "current updates of members' positions," "meeting availability," and "congressional updates," suggesting a narrow intelligence-gathering role rather than direct legislative engagement.
Broader Context
The nature of Boesch and Co.'s work for Fidelity evolved considerably over the 17-year relationship. Earlier filings described the firm as providing "information on what appears to be priorities of relevant members of Congress," helping "arrange desired meetings with members of Congress," and offering general advice. By the final years of the engagement, the disclosures had narrowed to brief phrases like "congressional updates."
Doyce Boesch was the sole lobbyist on the account throughout the engagement. His background is rooted in Republican Senate politics: he previously served as Chief of Staff to former Sen. Don Nickles (R-OK), who retired in 2005. That institutional connection, built over two decades ago, formed the foundation of his value to clients seeking Republican congressional access.
The Legislative Landscape Fidelity Is Navigating
The issues Fidelity has historically lobbied on (securities regulation, retirement policy, financial services legislation, and digital assets) are active and unresolved. The INVEST Act of 2025 (H.R. 3383), a sweeping bipartisan securities reform bill, passed the House on December 11, 2025 by a vote of 302 to 123 and has been referred to the Senate Banking, Housing, and Urban Affairs Committee, where its timeline remains uncertain.
Fidelity's current retained firms are working on a range of specific legislation. Capitol Tax Partners LLP is lobbying on H.R. 1, the 2025 budget reconciliation bill, as well as financial services tax issues. Akin Gump Strauss Hauer & Feld LLP is focused on retirement policy, including H.R. 2089 and S. 1839, the Generating Retirement Ownership through Long-Term Holding Act. O'Neil Bradley Consulting LLC is tracking H.R. 2241, the Improving Disclosure for Investors Act, and the INVEST Act directly. Longbow Public Policy Group LLC is handling ERISA compliance, e-delivery of retirement plan disclosures, and related labor issues.
Fidelity also retained Chartwell Strategy Group LLC for general member and staff outreach, the role most closely resembling what Boesch had been doing, though Chartwell is billing $40,000 per quarter compared to Boesch's $15,000.
The Bottom Line
Fidelity's current lobbying roster is considerably more robust than what Boesch and Co. provided. The firms now on retainer bring a combination of issue-specific depth and direct congressional experience that covers the key committees and policy areas relevant to a company of Fidelity's scale.
Rich Feuer Anderson is working on legislation and regulations affecting asset management and brokerage services. Blue Ridge Law & Policy PC, through lobbyist Walton Liles, is focused on equity market structure and broker-dealer regulation. Individual lobbyist Geoff Gray is covering a particularly wide portfolio: securities regulation, retirement reform, cybersecurity, privacy, the STABLE Act, the GENIUS Act, and e-delivery for securities disclosures.
Fidelity's in-house team (including lobbyists Andy Vermilye, Alice Joe, Kristy Croushore, and Jason Goggins) reported spending of $840,000 in the first quarter of 2026 alone, handling issues ranging from equity market structure and systemic risk legislation to stablecoin regulation and health savings accounts.
The picture that emerges from federal lobbying records is a company that has built out a more specialized and higher-resourced advocacy operation. Boesch and Co.'s congressional intelligence function, which was already narrow by the end of the relationship, has been absorbed into a broader network of firms with more direct issue expertise and active legislative engagement. The LDA termination filing formalizes what the disclosures had been suggesting for years: the role had run its course.
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