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CA$HING IN report


More Than 900 Ex-Government Officials, Including 70 Former Members of Congress, Have Lobbied for the Financial Services Sector in 2009

Since the beginning of 2009, organizations in the financial services sector – including banks, investment firms, insurance companies and real estate companies – have commissioned 940 former federal employees as federal lobbyists, Public Citizen’s analysis of data provided by the Center for Responsive Politics (www.opensecrets.org) shows.[1]

The finance sector’s arsenal of influence peddlers includes large numbers of lobbyists who previously served as members of Congress or have close connections to the two congressional panels that are considering legislation to regulate the financial services industries: the Senate Committee on Banking, Housing, and Urban Affairs and the House Financial Services Committee.

So far in 2009, the industry has employed at least 70 former members of Congress, nearly half of the 150 former members who have reported lobbying in 2009. These include former Speaker of the House Dennis Hastert (R-Ill.); former Senate Majority Leader and Republican presidential nominee Bob Dole (R-Kansas); former Senate Majority Leader Trent Lott (R-Miss.); former House Majority Leaders Dick Armey (R-Texas) and Dick Gephardt (D-Mo.); former Appropriations Chairman Bob Livingston (R-La.); and former Ways & Means Chairman Bill Archer (R-Texas). Former Rep.Vin Weber (R-Minn.) boasts the most financial sector clients (11) among former members of Congress. [See Figure I]

Among the industry’s “revolving door” lobbyists, 19 former members served on the Senate banking or House Financial Services committees. These include former Financial Services Committee Chairman Michael G. Oxley (R-Ohio), who co-authored the 2002 Sarbanes-Oxley Act, passed in response to the spate of calamitous accounting scandals at the beginning of this decade. At least 33 additional financial sector lobbyists previously worked as staffers for these key committees, and 41 more worked for members who currently serve on the committees.

The financial sector business employing the most revolving door lobbyists in 2009 has been

Visa Inc. (37), followed by Goldman Sachs (33), the Private Equity Council (32), Prudential Financial (30), the American Bankers Association (29), Citigroup Inc. (29), and the Investment Co. Institute (27). [See Figure II]

Figure I: Former Members of Congress Lobbying on Behalf of theFinancial Services Sector in 2009

Former Member

Service In Congress


Michael A. Andrews

Rep. (D-Texas), 1983-1994

Benefit Mall; Bridgewater Capital

Bill Archer

Rep. (R-Texas), 1971-2000

Assn for Advanced Life Underwriting; Liberty Mutual Insurance

Richard Armey*

Rep. (R-Texas), 1985-2002

Jones Lang LaSalle

Chester Atkins

Rep. (D-Mass.), 1985-1993

Beacon Georgetowne

Richard Baker*

Rep. (R-La.), 1987-2008

Managed Funds Assn

Michael Barnes

Rep. (D-Md.), 1979-1986

Midland Financial Co; Promontory Financial Group

Steve Bartlett*

Rep. (R-Texas), 1983-1992

Financial Services Roundtable

Birch Bayh

Sen. (D-Ind.), 1963-1981

Beacon Capital Partners; Equity Office Properties

Kenneth Bentsen*

Rep. (D-Texas), 1995-2002

Securities Industry & Financial Mkt Assn

James Blanchard*

Rep. (D-Mich.), 1975-1982

Federal Home Loan Bank

Thomas J. Bliley Jr.

Rep. (R-Va.), 1981-2000

Arthur J Gallagher & Co; Commercial Mortgage Securities Assn; GC Services; Sound Banking Coalition

Henry Bonilla

Rep. (R-Texas), 1993-2006

Forest City Enterprises; TIG Insurance

Don Bonker

Rep. (D-Wash.), 1975-1988

Corbiere Trust Co; Group MENATEP

Robert Borski Jr.

Rep. (D-Pa.), 1983-2002

Arsenal Assoc; Philadelphia Industrial Development Corp

John Breaux

Sen. (D-La.), 1987-2004 Rep. (D-La.), 1971-1986

Educap Inc; Financial Services Roundtable; Prudential Financial

Bill K. Brewster

Rep. (D-Okla.), 1991-1996

Ace Cash Express

Sonny Callahan

Rep. (R-Ala.), 1985-2002

Athlone Global Security

Ben Nighthorse Campbell*

Sen. (R-Colo.), 1993-2004 Rep. (D-Colo), 1987-1993

Community Financial Services Assn

Larry Combest

Rep. (R-Texas), 1995-2004

Crop Insurance Professional Assn

Alfonse D’Amato*

Sen. (R-N.Y.), 1981-1998

Forest City Ratner Companies

Jim Davis

Rep. (R-Fla.), 1997-2006


Amscot Financial

Robert Davis

Rep. (R-Mich.), 1979-1992

American Bankers Assn

Dennis Deconcini

Sen. (D-Ariz.), 1977-1995

Networth Services

Butler Derrick*

Rep. (D-S.C.), 1975-1994

Institute for College Access & Success; Myrtle Beach Downtown Redevelopment Corp

Robert J. Dole

Sen. (R-Kan.), 1969-1996

Rep. (R-Kan.), 1961-1968

GUS plc; Integra Realty Resources; RoundPoint Capital Group

Thomas J. Downey

Rep. (D-N.Y.), 1975-1992

Credit Union National Assn; Entrust Capital; IntercontinentalExchange Inc; Lazard Ltd

Dennis Eckart

Rep. (D-Ohio), 1981-1992

CP Development Co

Lauch Faircloth*

Sen. (R-N.C.), 1993-1999

Moody’s Corp; Mortgage Insurance Companies of America

Vic Fazio

Rep. (D-Calif.), 1979-1998

American Council of Life Insurers; Empresas Fonalledas; KKR & Co; Moody’s Corp; Mortgage Insurance Companies of America; Private Equity Council

Jack Fields

Rep. (R-Texas), 1981-1997

Telecommunications Development Fund

Harold Ford Sr.*

Rep. (D-Tenn.), 1975-1996

Blaylock, Robert Van; Williams Capital Group

Martin Frost

Rep. (D-Texas), 1989-2004

National Installment Lenders Assn; Private Equity Council; Security Finance Corp

Richard Gephardt

Rep. (D-Mo.) 1977-2004

Goldman Sachs; Visa Inc

Slade Gorton*

Sen. (R-Wash.), 1981-2000

Radian Group; RenaissanceRe Holdings

William Gray

Rep. (D-Pa.), 1979-1992

Radian Asset Assurance; Southern African Enterprise Devel Fund

Melissa Hart

Rep. (R-Pa.), 2001-2006

TriState Capital Bank

Dennis Hastert

Rep. (R-Ill.), 1987-2007

Centerpoint Properties

Tim Hutchinson

Sen. (R-Ark.), 1997-2002 Rep. (D-Ark.), 1993-1996

Centerpoint Properties

Ed Jenkins

Rep. (D-Ga.), 1976-1993

American Soc/Pension Prof & Actuaries; Bessemer Group; Lazard Ltd; Retirement Security Group; Trover Solutions

Scott Klug

Rep. (R-Wis.), 1991-1998

Commonwealth Advisors; Great Lakes Higher Education Corp; Schroeder-Manatee Ranch

Larry Larocco*

Rep. (D-Idaho), 1991-1994

Morgan Stanley; Supreme Lending; United Student Aid Funds

Greg Laughlin

Rep. (R-Texas), 1989-1996

Blackhawk Network

Paul Laxalt

Sen. (R-Nev.), 1973-1986

Relational Investors

Robert L. Livingston

Rep. (R-La.), 1977-2000

Investment Co Institute; Merscorp Inc

Thomas G. Loeffler

Rep. (R-Texas), 1979-1986

Orion Partners; United Services Automobile Assn Group

Trent Lott

Sen. (R-Miss.), 1989-2007 Rep. (R-Miss.), 1973-1988

Educap Inc; Financial Services Roundtable

Ray McGrath

Rep. (R-N.Y.), 1981-1992

Credit Union National Assn; IntercontinentalExchange Inc; Lazard Ltd

Daniel Mica

Rep. (D-Fla.), 1979-1988

Credit Union National Assn

Anthony J. Moffett

Rep. (D-Conn.), 1975-1982

Marshall & Swift

Susan Molinari

Rep. (R-N.Y.), 1990-1997

AM Best Co; David Nassif Assoc

Bruce Morrison*

Rep. (D-Conn.), 1983-1990

Essent US Holdings; Financial Accounting Foundation

John Napier

Rep. (R-S.C.), 1981-1982

Burroughs & Chapin; Columbia Venture; Silver-Honaker Development Cos

Don Nickles*

Sen. (R-Okla.), 1981-2004

Intellectual Ventures LLC

Michael Oxley*

Rep. (R-Ohio), 1981-2006

Old Mutual

Bill Paxon*

Rep. (R-N.Y.), 1989-1998

Apollo Advisors; Empresas Fonalledas

Chip Pickering

Rep. (R-Miss.), 1997-2009

Barksdale Management

Martin Russo

Rep. (D-Ill.), 1975-1992

Allstate Insurance; CME Group; State Farm Insurance

Max Sandlin*

Rep. (D-Texas), 1997-2004

Deloitte LLP; Lazard Ltd; Macquarie Securities; Self Help Credit Union

Gerry Sikorski

Rep. (D-Minn.),1983-1992

Fidelity National Financial

Jim Slattery*

Rep. (D-Kan.), 1983-1994

eHealth Inc; North American Securities Admins Assn

Louis Stokes

Rep. (D-Ohio), 1969-1998

Parkwood Corp

Don Sundquist

Rep. (R-Tenn.), 1983-1994

Visa Inc

Steve Symms

Sen. (R-Idaho), 1981-1993 Rep. (R-Idaho). 1972-1981

Networth Services

Robin Tallon

Rep. (D-S.C.), 1983-1993


Jim Turner

Rep. (D-Texas), 1997-2004

Price Development Group; Texas Guaranteed Student Loan Corp

Robert Walker

Rep. (R-Penn.), 1977-1996

Natl Assn of Affordable Housing Lenders; Visa Inc

James Walsh

Rep. (R-N.Y.), 1989-2009

Arverne East Development

J. C. Watts Jr.*

Rep. (R-Okla.), 1995-2002

Falcon Properties; National Installment Lenders Assn

Vin Weber

Rep. (R-Minn.), 1981-1992

Agstar Financial Services; Ambac Financial Group; American Institute of CPAs; Deloitte LLP; Educational Credit Management Corp; Ernst & Young; KPMG International; Louis Dreyfus Corp; PricewaterhouseCoopers; Real Estate Roundtable; SLM Corp

Alan Wheat

Rep. (D-Mo.), 1983-1994

American Student Assistance; Genworth Financial

Source: Public Citizen’s analysis of data provided by the Center for Responsive Politics (www.opensecrets.org)

* Served on either the Senate banking or House financial services committees, according to “Congressional Committee Assignments, 103rd to 111th Congresses, 1993-2009,” and “Committees in the U.S. Congress, 1947-1992.” (Available at http://web.mit.edu/17.251/www/data_page.html)

Figure II: Financial Services Sector Organizations Employing 15 or More ‘Revolving Door’ Lobbyists in 2009


Number of lobbyists employed in 2009 with previous federal experience

Visa Inc.


Goldman Sachs


Private Equity Council


Prudential Financial


American Bankers Association


Citigroup Inc.


Investment Co. Institute


American Institute of CPAs


Ernst & Young


SLM Corp


Managed Funds Assn


Credit Suisse Group


National Association of Real Estate Investment Trusts


Federal Home Loan Bank


JPMorgan Chase & Co.


American Insurance Association


National Venture Capital Association


American Council of Life Insurers


Zurich Financial Services


Genworth Financial


Deloitte LLP


Securities Industry & Financial Mkt Association


MasterCard Inc.




Mortgage Insurance Companies of America


Real Estate Roundtable


Fortress Investment Group


MetLife Inc.


Enterprise Community Partners


FMR Corp.


Wachovia Corp.


Property Casualty Insurers Assn/America


Source: Public Citizen’s analysis of data provided by the Center for Responsive Politics (www.opensecrets.org)

[1] Calculations exclude lobbyists whose relevant work was limited to lobbying for health insurance entities. Although insurance is categorized as a finance sector component and insurance companies have lobbied on financial services regulatory issues, health insurers’ work has largely been focused on health care legislation.