Revolving Door Spins Quickly Between Congress, Wall Street a report

Linked on our blogs with Public Citizen (their direct Homepage). – Published on Open, by Communications, June 3, 2010.

WASHINGTON – Organizations in the financial services sector have deployed at least 1,447 former federal employees to lobby Congress and federal agencies since the beginning of 2009, according to a joint analysis of federal disclosure records and other data released today by Public Citizen and the Center for Responsive Politics. ((Download the full report: Financial Revolving Doors, 14 pdf-pages).

This small army of registered financial services sector lobbyists includes at least 73 former members of Congress, of whom 17 served on the banking committees of either the U.S. House of Representatives or the Senate. At least 66 industry lobbyists worked for these committees as staffers, while 82 additional lobbyists once worked for congressional members who currently serve on these key committees. 

Further, at least 42 financial services lobbyists formerly served in some capacity in the U.S. Treasury Department. At least seven served in the Office of the Comptroller of the Currency, including two former comptrollers … //

… Prominent former congressional members now lobbying on behalf of financial services sector interests include two former Senate majority leaders (Bob Dole, R-Kan., and Trent Lott, R-Miss.), two former House majority leaders (Dick Armey, R-Texas, and Dick Gephardt, D-Mo.) and a former speaker of the House (Dennis Hastert, R-Ill.).

The analysis is drawn from lobbying disclosure information filed with the secretary of the Senate, as well as the Center for Responsive Politics’ data. The report includes tables listing former members of Congress, former staffers for the banking committees and lobbyists who previously worked for current banking committee members. (full text).

Comments are closed.