Time To Seal Off The Revolving Door

Time To Seal Off The Revolving Door

March, 2016

Dear Care for Crash Victims Community Members:

Please see the following Press Release by 18 organizations.

I suspect that members of our community might not be surprised.  But we should be disappointed that this focus is only on financial regulatory agencies.  

Crash victims might be forgiven for thinking that other Revolving Doors such as DOT and CDC also result in many deaths and injuries in addition to financial losses every day in the U.S.A. today.

Please see the example in the Press Release letter that states:

“At the same time, there are new public servants coming straight from Wall Street with seven-and eight-figure government service golden parachute bonuses, money given only
because they accepted decision-making roles in government. Treasury Secretary Jack Lew, for instance, received over $1 million from Citigroup for accepting his position as the Secretary of the Treasury. The money was explicitly contingent on his securing a “full time high level position with the U.S. government or regulatory body.”
At best, these “government service golden parachutes”, create the appearance of corruption and conflict of interest. At worst, they result in undue and inappropriate corporate influence over the same governmental agencies that regulate those corporations – in essence, a backdoor form of influence known as “regulatory capture.””

Press Release: “The Revolving Door Leads to Regulatory CaptureForum Spotlights Industry Influence Over the Rulemaking ProcessMarch 3, 2016 Contact: David Rosen, drosen@citizen.org(202) 588-7742 Amit Narang, anarang@citizen.org(202) 454-5116 WASHINGTON, D.C. – Public Citizen applauds the Administrative Conference of the United States for hosting a forum today on Capitol Hill that shined a spotlight on the problem of regulatory capture due to a revolving door between industry and government. U.S. Sens. Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.) spoke at the event. Panels at the forum discussed how to measure regulatory capture in the rulemaking context, whether weak regulatory enforcement is evidence of capture, and possible solutions to special-interest influence. Earlier this week, Public Citizen spearheaded a letter (PDF) from 18 organizations that was sent to the 2016 presidential candidates in both parties, asking them to commit not to appoint any recipient of a “government service golden parachute” bonus to a financial agency. The letter also asked the candidates to require future financial service regulators to recuse themselves from official actions that could benefit or favor previous employers or clients from the previous two years. “The revolving door is a pernicious influence-peddling scheme that, if left unchecked, can undermine the very integrity of government,” said Lisa Gilbert, director of Public Citizen’s Congress Watch division. “Today’s event shined a spotlight on the need to close the rapidly spinning revolving door between government and industry,” she added. “Closing the revolving door between big business and government agencies is the right way to reform our regulatory system and will ensure our government is serving the interests of American consumers, working families and small businesses instead of big corporations,” said Amit Narang, regulatory policy advocate for Public Citizen’s Congress Watch division. “Unfortunately, this Congress is focused on rigging the system by giving big business and special-interest lobbyists many more opportunities to block or weaken new safeguards that protect the public and hold corporate wrongdoers accountable. Among the reforms that will improve and strengthen our regulatory system, solutions to regulatory capture are at the very top of the list,” he added.” ###View this release on our press page.

Please read “It’s the Corruption, Stupid” at http://www.salon.com/2016/02/23/its_the_corruption_stupid_hillarys_too_compromised_to_see_what_donald_trump_understands/

Nader and Ditlow pointed to the captivity of NHTSA at http://www.nytimes.com/2014/10/29/opinion/weak-oversight-deadly-cars.html

Wake up America!  Our Safety and Happiness are being bought.



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