In an effort to rein in conflicts of interest and revolving door abuses within financial regulatory agencies, U.S. Sen. Tammy Baldwin (D-Wisc.) and Rep. Elijah Cummings (D-Md.) today introduced the Financial Services Conflict of Interest Act – a desperately needed package of ethics reforms for those who regulate Wall Street.
At a press conference to announce the legislation, Public Citizen released a report (PDF)highlighting the extent of the problem the bill is designed to address. The report contains new data comparing the number of Wall Street and other business executives hired by the Obama, Bush and Clinton administrations that created potential conflicts of interest.