CA$HING IN report
CASHING IN
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 |
Organizations |
|
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 |
AXA |
|
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
|
Organization |
Number of lobbyists employed in 2009 with previous federal experience |
|
Visa Inc. |
37 |
|
Goldman Sachs |
33 |
|
Private Equity Council |
32 |
|
Prudential Financial |
30 |
|
American Bankers Association |
29 |
|
Citigroup Inc. |
29 |
|
Investment Co. Institute |
27 |
|
American Institute of CPAs |
26 |
|
Ernst & Young |
25 |
|
SLM Corp |
25 |
|
Managed Funds Assn |
24 |
|
Credit Suisse Group |
24 |
|
National Association of Real Estate Investment Trusts |
23 |
|
Federal Home Loan Bank |
22 |
|
JPMorgan Chase & Co. |
22 |
|
American Insurance Association |
21 |
|
National Venture Capital Association |
21 |
|
American Council of Life Insurers |
20 |
|
Zurich Financial Services |
20 |
|
Genworth Financial |
20 |
|
Deloitte LLP |
19 |
|
Securities Industry & Financial Mkt Association |
19 |
|
MasterCard Inc. |
18 |
|
PricewaterhouseCoopers |
18 |
|
Mortgage Insurance Companies of America |
17 |
|
Real Estate Roundtable |
17 |
|
Fortress Investment Group |
17 |
|
MetLife Inc. |
16 |
|
Enterprise Community Partners |
16 |
|
FMR Corp. |
15 |
|
Wachovia Corp. |
15 |
|
Property Casualty Insurers Assn/America |
15 |
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.