To: President Donald Trump, The United States House of Representatives, and The United States Senate
Let's Put Some Brakes on the Revolving Door
Support the Financial Services Conflict of Interest Act -- new legislation, introduced by Sen. Tammy Baldwin and Rep. Elijah Cummings, that would slow down the revolving door between Wall Street and Washington.
The revolving door is out of control, and we've paid the price dearly – both in the years leading up to the financial crisis, when regulators too often ignored or abetted the reckless and irresponsible practices that ultimately brought down the economy, and in the years since, when too many regulators have succumbed to pressure to water down critical reforms designed to protect consumers and taxpayers.
We need rules to make sure our officials in Washington are tough, independent, and dedicated to the public interest. The Financial Services Conflict of Interest Act can be an important step in that direction. We ask you to do all you can to get this crucial legislation enacted.
Why is this important?
The Financial Services Conflict of Interest Act would ban the “golden parachutes” that Wall Street uses to reward executives for taking jobs in government (a subtle form of bribery), limit the lobbying that can be done by financial regulators after they leave government, and expand the range of situations in which officials must recuse themselves from decisions affecting their former employers.
Personnel decisions are policy decisions - we’ve learned that again and again. This bill could make an important difference in slowing the revolving door.