Democratic presidential candidate Hillary Clinton announced her support for legislation that would ban “golden parachutes” for people who transition from the private sector to work for the federal government, reported the Huffington Post. The bill is actually a weak half-measure to make Wall Street Dems look tough while going easy on criminal banksters.
Sen. Tammy Baldwin (D-WI) and Rep. Elijah Cummings (D-MD) have both sponsored the Financial Services Conflict of Interest Act, which Clinton supports. The bill “slows down” the employee revolving door between Wall Street and the government by extending the employment waiting period from one year to two years, hardly a tough law.
Dozens of former Wall Street executives have gone to work for the federal government. Still loyal to the banks, these former executives use their governmental power to protect their former employers. On the other hand, former regulators have gone to work on Wall Street, and they are using their knowledge of the law to help banks through loopholes and circumvent financial regulations. Extending the waiting period from one year to two years will not fix the problem.
“The American people need to be able to trust that every single person in Washington — from the President of the United States all the way down to agency employees — is putting the interests of the people first,” Clinton and Baldwin wrote in an op-ed. “We want to make sure that happens. If you’re working for the government you’re working for the people — not for an oil company, drug company or Wall Street bank or money manage.”
We wish their words were true.
Clinton is the leader of Wall Street New Democrats, a faction started by her husband. Wall Street has sunk its teeth into the Democratic Party, assuming near-total control. However, these Democrats are fine with it because they actually work for corporate executives and not the people.