Baldwin and Cummings: President Trump’s Revolving Door Between Wall Street and Washington Keeps Spinning
Goldman Sach’s Gary Cohn cashes in with golden parachute to join Trump Administration
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) and House Committee on Oversight and Government Reform Ranking Member Elijah Cummings (D-MD) issued the following statements today in response to reports that President Trump’s choice for Director of the National Economic Council, Gary Cohn, will receive more than $100 million—including $35 million in stock awards and $23 million in corporate shares—when moving from Goldman Sachs to the Trump Administration.
The $58 million in stock and shares would be illegal under legislation introduced by Baldwin and Cummings, the Financial Services Conflict of Interest Act, which would prohibit these types of “golden parachute” payouts and bonuses.
“Our bill is critical to ensuring that federal employees are working for the American people—not for Wall Street banks,” said Cummings. “Golden parachutes into government are essentially legalized bribery, and Mr. Cohn will be beholden to Goldman Sachs in 58 million ways, even as he serves as chief economist in the Trump Administration.”
Baldwin and Cummings introduced their bill to slow the revolving door between Wall Street and Washington. The measure would prohibit government employees from accepting bonuses from their former private sector employers for entering government service. In addition, the legislation would expand cooling-off periods, tighten lobbying rules and reduce conflicts of interest by requiring senior financial service regulators to recuse themselves from any official actions that directly or substantially benefit the former employers or clients for whom they worked in the previous two years before joining federal service.
On October 22, 2016, then-candidate Trump said: “I’ve seen the system up-close-and-personal for many years. I’ve been a major part of it. I know how the game works in Washington and on Wall Street and I know how they’ve rigged the rules of the game against everyday Americans. The rules are rigged.”
The announcement of Cohn’s big payout deal from Goldman Sachs follows the roughly $180 million payout deal that Trump’s Secretary of State pick, Rex Tillerson, is set to receive from ExxonMobil, the oil giant he used to run.
Press Releases by Tammy Baldwin - Page 3
U.S. Senator Tammy Baldwin Statement on President Trump’s Executive Order to Withdraw from TPP and Announcement of NAFTA RenegotiationJan 23rd, 2017 by Tammy Baldwin
"Withdrawing from TPP and moving to renegotiate NAFTA are good first steps from President Trump"
U.S. Senator Tammy Baldwin Announces She Will Not Support Betsy DeVos’ Confirmation for Secretary of EducationJan 23rd, 2017 by Tammy Baldwin
“Betsy DeVos lacks the public education experience qualifications for this job and she would not rule out defunding public schools.”
U.S. Senator Tammy Baldwin Announces Her Support of General James Mattis’ Nomination to be Secretary of Defense and General John Kelly’s Nomination to be Secretary of Homeland SecurityJan 20th, 2017 by Tammy Baldwin
U.S. Senator Tammy Baldwin announcers support for two national security confirmations.
Senators hold President-elect Trump accountable to American workers
Senators Baldwin, Franken, Warren: Delay Tom Price Hearing Until Ethics Concerns are Investigated & ResolvedJan 17th, 2017 by Tammy Baldwin
Senators press Health Committee Chairman to postpone Congressman Price’s hearing to become HHS Secretary until questionable stock trading while in office is fully investigated
U.S. Senator Tammy Baldwin Awarded Army Decoration for Distinguished Civilian Service from Secretary Eric FanningJan 14th, 2017 by Tammy Baldwin
Secretary of the Army awards decoration to those who provide distinguished service and make substantial contributions to the accomplishment of the Army's missions
U.S. Senator Tammy Baldwin Joins Young Wisconsinites to Discuss Republican Plan to Take Away Affordable Health Care for Young Students and WorkersJan 13th, 2017 by Tammy Baldwin
“I’m proud to champion a reform that allows young people to stay on their parents’ insurance until age 26”
U.S. Senator Tammy Baldwin Announces She Will Oppose Senator Jeff Sessions’ Nomination for U.S. Attorney GeneralJan 13th, 2017 by Tammy Baldwin
"After meeting with Senator Sessions, I cannot support his confirmation to be our next Attorney General"
Senator Baldwin’s DAIRY PRIDE Act fights back against non-dairy products that are mislabeled as milk, yogurt and cheese
U.S. Senator Tammy Baldwin Statement After Commerce Committee Hearing on Nomination of Elaine Chao for Secretary of the Department of TransportationJan 11th, 2017 by Tammy Baldwin
"I am very pleased that Ms. Chao stated her commitment and the Trump Administration’s commitment to strong ‘Buy America’ standards. "
U.S. Senator Tammy Baldwin Introduces Amendment to Oppose Legislation that Would Make Young Americans Sick AgainJan 11th, 2017 by Tammy Baldwin
Amendment to budget resolution would protect the Affordable Care Act reform that allows young people to stay on their parents’ health plan until age 26
U.S. Senator Tammy Baldwin Calls for Disclosure of Trump Cabinet Nominees’ Golden Parachute Bonus PayoutsJan 11th, 2017 by Tammy Baldwin
“The American people cannot afford to have industry insiders writing their own rules to make a rigged system worse.”