Clinton Supports Bill That Would Ban 'Golden Parachutes'

| by Amanda Andrade-Rhoades

In a blog post for the Huffington Post, presidential candidate Hillary Clinton and Democratic Sen. Tammy Baldwin of Wisconsin wrote that limiting Wall Street’s influence on the government could restore trust in Washington.

The post promoted Baldwin’s new bill, which would seek to disentangle Wall Street and Capitol Hill by tackling the phenomenon of big businesses sending their employees to work for the government, often in high-power positions, and paying them later. The Financial Services Conflict of Interest Act, would ban these so-called 'golden parachutes.’

“Right now, some private sector employers offer bonuses to employees when they leave to join the government. This bill would prohibit that. The private sector shouldn't be allowed to "pay to play" with their former employees,” they wrote.

“Right now, government employees entrusted with oversight are required by law to recuse themselves from any cases involving their former employers for one year. That's not long enough. This bill would bump it up to two years,” the added. “And for people leaving government service, this bill would prevent them from taking a job at a company they oversaw until at least two years have passed.”

The bill was introduced in the House by Democratic Rep. Elijah Cummings of Maryland, the Huffington Post reported. Clinton also supports the bill and Democratic Sen. Elizabeth Warren of Massachusetts has lauded it as  "a bill any presidential candidate should be able to cheer for." 

"At the end of the day, a lot of this is about leadership," the op-ed continues. "There’s an old saying in government: 'Personnel is policy.' Who we hire goes a long way toward determining what we do and how well we do it. We need to make sure those who do the people’s work in Washington are actually doing it -- not worrying about former or future bosses at the public’s expense." 

Sources: The Huffington Post (2) Image via Marc Brüneke/Flickr