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“Revolving Door” Reports show gov jobs lead to Wall Street jobs

by Lynn Lenart, Law Librarian on June 11, 2010

in Banking & Finance Law,employment law,Ethics,Government,Legal Resources,Lynn Lenart

What laws apply to federal officers and employees after they leave government employment?


1.  Post-Employment, âRevolving Door,â Law for Federal Personnel, by the Congressional Research Service, May 2010. 

Where do federal officials and federal employees go after leaving government jobs?


2.  âSince 2009, when the financial reform debate began in earnest, the industry has employed at least 73 former members of Congress, accounting for 47 percent of the 156 former members who have reported lobbying in the time period.â See Banking on Connections: Financial Services Sector Has Dispatched Nearly 1,500 âRevolving Doorâ Lobbyists Since 2009.  By the Center for Responsive Politics, and Public Citizen,, June 2010.       

3.  âIn the two years since the first federal bailout of a big bank (Bear Stearns), these banks and their principal trade associations have hired over 240 former government insiders as lobbyists and spent hundreds of millions of dollars on an influence game designed to thwart reform, shape bailout programs and maintain their status as âtoo-big-to-failâ institutions. â  See Big Bank Takeover: How Too-Big-To-Failâs Army of Lobbyists Has Captured Washington.  By the Institute for Americanâs Future,, May 2010. 

4.  Federal Eye Archive: Revolving Door, provided by the Washington Post.  Follows federal employees as they leave public employment. 

What happens to lobbyists who do not file their activity disclosure forms?


5.  Since 2005, enforcement has been weak.  See 2009 Lobby Disclosure: Observations of Lobbyistsâ Compliance with Disclosure Requirements.  By the GAO, April 2010.   

Ohioâs Revolving Door Law- Update

In February of this year, Ohioâs âRevolving Door Lawâ (O.R.C. 102.03(A)(4)) was found unconstitutional and violated the First Amendment.  The law originally prohibited former members of the General Assembly from working as a lobbyist for one year after leaving office. There is now a permanent injunction from enforcing this law.   The court opinion can be found here.

Elected officers and any staff that are required by law to file a financial disclosure statement must also file a Post Employment Disclosure form listing who they will work for after leaving public employment.   They must file these forms three times per year for two years.  There is no mention on the web site if the court case will effect this requirement.

The Post Employment Disclosure information and the list of who is suppose to file can be found here.   To search for previously filed disclosure forms go here.    The forms are alphabetic by name.  For fun, look up Robert Taft to see what our previous governor did after leaving office.

{ 1 comment }

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