John,
Former Pennsylvania Senator Toomey took a position at a cryptocurrency exchange and private equity firm just months after leaving office, and after he killed a bill those industries lobbied against.
Here’s what happened:
During his last two years in office, former Senator Pat Toomey was the ranking member of the Senate Banking Committee. His vote would be key in determining the future of the bipartisan ENABLERS Act – a critical improvement to our nation’s financial anti-corruption laws.
Instead of stepping up and passing the reform, he killed the bill. THEN, when he left office, he took positions at a private equity firm and a cryptocurrency exchange, both industries that invested time and money fighting the ENABLERS Act in order to avoid the legislation’s minor compliance costs.
John, it would be difficult to find a more obvious example of the revolving door than Pat Toomey's quick transition from regulating the financial sector to advising it. The fact that at the end of his term, he did both of these companies a major favor by killing this financial reform illustrates why the door needs to be closed.
That’s why CREW is proposing a new reform to ensure it can never happen again.
Members of Congress should have to wait before taking a job with a corporation that lobbied them in their most powerful positions (their committees) during their final two years in office.
Help us show Congress that across the country, we want this ethics reform passed! Sign the petition now and you’ll be the first signature from Washington! →
Even in a system where members of Congress make millions lobbying or otherwise working for industries they’ve previously regulated, Toomey’s willingness to tank a bill with wide bipartisan support and then take a role with an industry that loudly opposed the policy is striking.
Congress needs to clean up its act and ensure that members are making policy in service of their constituents rather than a future employer. While members of Congress must wait for a cooling off period before they’re allowed to lobby their former colleagues (two years for senators and one year for House members), there are no restrictions on members taking jobs with companies that directly lobbied them or their committees. That needs to change.
Signing our petition today will help us send a message: members of Congress should work for the people — not for their future paychecks.
Click here to sign our petition in support of this key reform →
Thanks for taking action,
CREW HQ
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