50,000 signatures reached
To: U.S. Congress
Tell Congress: Stop the Revolving Door between Wall Street and Washington
Stop the revolving door between Wall Street and Washington by prohibiting the practice of incentivizing private sector employees to take jobs in the government, making federal employees recuse themselves for two years in cases involving their former employers, and closing the lobbyist loophole.
Why is this important?
I believe our economy should work for middle class families and not just the 1%. Unfortunately, it's hard to level the playing field when Wall Street CEOs and Hedge Fund Managers are writing their own rules.
That's why I'm leading the effort to stop Wall Street's revolving door and am proud to have Senators Elizabeth Warren, Bernie Sanders, and Barbara Mikulski join my fight.
The Financial Services Conflict of Interest Act would prohibit the practice of incentivizing private sector employees to take jobs in the government, make federal employees recuse themselves for two years in cases involving their former employers, and close the lobbyist loophole.
Here’s how it happens: There is a fast-spinning revolving door between the government and private sector industries. Employees in the private sector can actually accept incentives from their companies to take jobs in the government. Then, once they become government officials, they only have to wait one year before regulating their old companies.
The same thing happens in reverse. Federal employees can take jobs at companies they oversaw immediately after leaving the government. They can become “outside advisors” or “strategic counselors” and lobby their former government colleagues in an unofficial capacity that allows them to skirt legal requirements registered lobbyists have to meet.
Americans deserve to know exactly who their government officials are working for. We can’t trust federal employees tasked with reining in Wall Street to be strict if their pockets are being lined by their former bosses.
Americans should be able to trust that public servants are, in fact, putting the interests of the people first. But, it’s not easy when private-sector employees, namely from the financial services industry, take jobs in the government where they are tasked with overseeing their former companies. This practice is rife with conflicts of interest.
Join me and sign my petition in support of Congress taking action to restore trust in government by stopping the revolving door between Wall Street and the Washington.