The Securities and Exchange Commission has seen lawyers in its employ leave for private firms and they immediately start lobbying on behalf of their new employers. Most of the time, they try to weaken agency regulations or proposed reforms.
The issue of top officials leaving the SEC has been a concern for several years among public advocates. It is common among young lawyers to work for a few years in the SEC or other government agencies before leaving for more lucrative jobs in the private industry.
People are concerned that former SEC workers will use their personal connections or up-to-date knowledge of agency initiatives to give unfair advantage for their clients. There are also concerns about the present staffers who may go easily on SEC-targeted companies in the hopes of gaining favor for future employment.
The employment record of lawyers from the SEC to private firms as well as from the firms to the SEC has been placed in the spotlight after Mary Jo white is named as the new chief of the SEC. White is a partner at Debevoise & Plimpton. She has represented some of Wall Street?s most powerful financial institutions.
From 2001 to 2010, the Project on Government Oversight found that 419 former SEC workers filed 1,419 disclosure statements stating plans to lobby the agency on behalf of their companies or clients. In one case, a top enforcement division official left the SEC?s San Francisco office to represent the bank in investigations conducted by her former office.
Some former SEC lawyers were involved in Wall Street?s full-court press last year to oppose the planned reforms to money-market mutual funds that was proposed by former chief Mary Schapiro. The revolving door between the SEC and private firms it supervises is so pervasive to some observers. They said it threatens the integrity of the regulatory system.
Source: http://www.paydayloansmag.com/concerns-raised-involving-lawyers-leaving-sec-for-private-companies/
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