Nov. 19, 2009
Former Government Officials, Including Members of Congress, Cashing in as Lobbyists for Financial Industry, Public Citizen Analysis Shows
Lobbyist Ranks Filled With Former Federal Employees, Well-Connected Congressional Staffers
WASHINGTON, D.C. - More than 900 former federal employees, including 70 former members of Congress, have gone to work as lobbyists for the financial services sector in 2009, according to a Public Citizen report released today analyzing data provided by the Center for Responsive Politics (www.opensecrets.org).
The list of people who have passed through the revolving door between Congress and the financial services sector includes a former speaker of the House of Representatives, two former Senate majority leaders and two former House majority leaders. At least 52 of the lobbyists served on - or worked as staffers for - the Senate and House banking committees, which are considering legislation to re-regulate the industry. Additionally, at least 41 financial services lobbyists previously worked for members of Congress who now serve on one of these key committees.
“It’s a shame that so much taxpayer money has been spent to train people to lobby against the American people,” said David Arkush, director of Public Citizen’s Watch division. “The financial industry appears to be better at hiring influence-peddlers than running banks.”
READ our report.