*Report: More Than 1,400 Former Lawmakers, Hill Staffers Are Financial
Lobbyists*
By Dan Eggen Washington Post
Friday, June 4, 2010
Even for Washington, the revolving door between government and Wall
Street spins at a dizzying pace. More than 1,400 former members of
Congress, Capitol Hill staffers or federal employees registered as
lobbyists
<http://projects.washingtonpost.com/politicsglossary/general/lobbyist/>
on behalf of the financial services sector since the start of 2009,
according to an exhaustive new study issued Thursday.
The analysis by two nonpartisan
<http://projects.washingtonpost.com/politicsglossary/general/nonpartisan/>
groups, Public Citizen and the Center for Responsive Politics, found
that the "small army" of financial lobbyists included at least 73 former
lawmakers and 148 ex-staffers connected to the House or Senate banking
committees. More than 40 former Treasury Department employees also ply
their trade as lobbyists for Wall Street firms, the study found.
Some of the biggest names highlighted in the study include former Senate
majority leaders Robert J. Dole (R-Kan.) and Trent Lott (R-Miss.);
former House majority leaders Richard K. Armey (R-Texas) and Richard A.
Gephardt <http://www.whorunsgov.com/Profiles/Richard_Gephardt> (D-Mo.);
and former House speaker J. Dennis Hastert (R-Ill.). Ex-Rep. Vin Weber
(R-Minn.) has the largest number of financial-services clients of any
former lawmaker, representing 13 companies and groups, including
Deloitte, Ernst & Young and the Real Estate Roundtable, the report
shows. The revolving door is evident in almost every major issue that
comes before Congress, from regulation of the coal
<http://www.washingtonpost.com/wp-dyn/content/article/2010/04/17/AR2010041702990.html?nav=emailpage>industry
<http://www.washingtonpost.com/wp-dyn/content/article/2010/03/08/AR2010030804900.html?nav=emailpage>
to the auto industry to the health-care sector
<http://www.washingtonpost.com/wp-dyn/content/article/2009/07/05/AR2009070502770.html?nav=emailpage>.
But the sheer scale of the overlap within the financial sector is
remarkable: For every sitting member of Congress, the study shows, there
are three former colleagues or government staffers lobbying for banks.
David Arkush, director of Public Citizen's Congress Watch division, said
"Wall Street hires former members of Congress and their staff for a
reason," especially at a time when lawmakers are debating a historic
overhaul of the way Wall Street does business. "These people are
influential because they have personal relationships with current
members and staff," Arkush said. "It's hard to say no to your friends,
but that's what Congress needs to do."
"Companies pay a premium for lobbyists who've spun through the revolving
door because it can be a small price to pay relative to the huge payoff
if they can shape legislation," said Sheila Krumholz, executive director
of the Center for Responsive Politics. "These lobbyists tap insider
knowledge and personal relationships, knowing that their old friends and
former co-workers won't want to let them down."
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