M E M O R A N D U M
To: Reporters and Editors
Re: SEC revolving door report
Da: Friday, May 13, 2011
Today the non-profit Project on Government Oversight released a report analyzing whether the Securities and Exchange Commission lacks adequate policies to limit the revolving door between agency employees and the businesses the agency oversees on behalf of consumers. Sen. Chuck Grassley of Iowa made the following comment on the report.
“During the debate over the Dodd-Frank bill, I introduced an amendment to address the lack of transparency within the financial regulatory community, including the SEC. POGO’s report sheds new light on this ongoing problem and underscores the need for meaningful regulations. Today, the SEC’s revolving door seems to be more active than ever. Revolving door restrictions that apply to the rest of government must be made to apply to the financial regulatory agencies. Along with the restrictions, there should be public disclosure of where these former financial regulators are working and what issues they are working on. Transparency is a proven back-stop to enforce ethics rules.”