Nearly half of the staffers who have left the powerful House Financial Services Committee in the last decade have registered as lobbyists, according to a report yesterday by the
Huffington Post.
The web site used LegiStorm to identify the 126 people who have left the committee since the end of 2000. Some 62 eventually became registered lobbyists. Often staffers leave their position writing financial laws to represent key players in the financial services industry. One former staffer called it "a logical progression" for people who understand the legislative process. Others described the moves as "cashing out," using experience on an influential committee as a stepping stone to a higher-paying job in the private sector.
But the revolving door goes both ways. 16 people currently serving on the committee previously worked as lobbyists, having represented clients such as Wachovia, MetLife, H&R Block and the New York Stock Exchange. Some even go from Capitol Hill to K Street and back again - at least five people now on the committee are there for the second time, having lobbied for organizations like Fannie Mae or the Independent Insurance Agents and Brokers of America in the interim.
Some of the staffers and members interviewed by the Huffington Post said that having K Street experience on the committee provided perspective and diversity. Others, such as Rep. Mel Watt (D-N.C.), worry that lobbyists may be returning to the public sector to advocate for clients' interests from the inside. "You have to be careful with that," Watt said.
You can see the salary records for everyone who works on the Financial Services Committee here.
