Over 1,400 former federal employees have been hired by financial sector lobbying groups since 2009, according to a new study. And 73 of them are former lawmakers, like opposing congressional Dicks Armey and Gephardt. It's financial regulation overhaul season!
The report, released by the non-partisan groups Center for Responsive Politics and Public Citizen, was compiled using data from federal disclosure records and proves that here in America, the people always come first. And who, besides the same people that fought against tighter financial regulations, can you trust with making sure the global economy is safe from another meltdown? And besides the former lawmakers, at least 42 of the lobbyists previously worked for the Treasury Department, which is totally fair. At least they understand how Wall Street works, right?
Wall Street hires former members of Congress and their staff for a reason," said David Arkush, director of Public Citizen's Congress Watch division. "These people are influential because they have personal relationships with current members and staff. It's hard to say no to your friends, but that's what Congress needs to do. Listening to them would result in a bill that would fail to get the job done and would disappoint the American people."
While that is true, saying that Americans would be disappointed in their former representatives is a bit of a stretch since any ounce of respect people may have had for them was lost long ago. Just ask the grass roots Tea Party movement, they know all about well-placed anger.
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