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Legislation Seeks Curbs on Regulatory 'Revolving Door'

Joe Mont | July 20, 2015

Sen. Tammy Baldwin (D-Wis.) and House Committee on Oversight and Rep. Elijah Cummings (D-Md.) have co-sponsored legislation intended to curb the so-called “revolving door” that results when regulators draw talent from the private sector and those officials and staffers ultimately return to regulated entities after leaving an agency. Critics say the migratory loop between the private and government sector creates conflicts of interest.

The proposed Financial Services Conflict of Interest Act requires senior financial service regulators to recuse themselves from any official actions that directly or substantially benefit the former employers or clients for whom they worked in the previous two...

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