Posted on 04/19/2010 7:18:59 PM PDT by Libloather
Minting Bank Lobbyists on Capitol Hill
April 13, 2010, 7:27 pm
Representative Barney Frank publicly rebuked a former aide this month for taking a job with a big Wall Street firm right after drafting a regulation that could affect the way the firm did business. Mr. Frank described it as an unusual transgression, one that embarrassed others working on the legislation and created at least the appearance of a conflict of interest.
**SNIP**
The case of Peter S. Roberson, whose hiring by a derivatives clearinghouse drew the ire of Mr. Frank, is the most extreme, and it points up holes in the rules governing lobbying by former aides.
As a senior aide to Mr. Frank on the House Financial Services Committee, Mr. Roberson helped draft legislation last year on regulating the over-the-counter derivatives market, which played a big part in the 2008 market collapse. Last month, he began working as a lobbyist for Intercontinental Exchange, the world’s leading clearinghouse for derivatives.
Mr. Roberson, who was paid $124,416 last year as a senior aide, is banned from contacting or lobbying his old colleagues on the financial services committee. But that won’t stop him from lobbying, if he chooses to do so. Indeed, he is opening the Washington lobbying office of the exchange. He is allowed to contact other committees that will be considering the derivatives part of the legislation, like the Agriculture Committee, as well as anyone in the Senate, where the debate has now shifted. The House has already approved the legislation authored by Mr. Frank.
The exchange, known as ICE, said that Mr. Roberson would not be available for an interview and declined to say who initiated the job discussions.
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
Barney Frank embarrassed?..... pulleeesse...
What’s Barney’s traveling buddy (Jimmy) lobbying for?
A mouthful ...
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