Want To Keep Lobbyists At Bay? Make The Financial Reform Process More Transparent: Simon Johnson

nytimes.com:

Televising the conference meetings could help, but, realistically, this is likely to push the substantive decision-making and discussion off-line. Therefore, in addition, Congressional leaders should be encouraged to adopt three non-waiveable rules for the conference and the conference report on the Wall Street bills:

Read the whole story: nytimes.com

Comments

[Frank Choi]

11:21 PM on 05/27/2010

Whether it's televised or not-- politicians can't look beyond their own greedy campaign contributions-- money talks not democracy

[jcaunter]

06:20 PM on 05/27/2010

Who is the author of this article kidding?

NO ONE want's to keep the lobbyists at by except the American public, and in Washington that counts for less than nothing.

[Harry Tuttle]

02:32 PM on 05/27/2010

I am sorry to say that this is a lost battle. Geithner and the other players work FOR the banks, no matter what they say.

As you say in the book, it takes several years for people to understand that this kind of power is counterproductive.

[lobear00]

02:21 PM on 05/27/2010

Outlaw lobbyist in the congress and within the walls of the federal government period. Anyone not adhering to such, charge with treason and serve a full ten years. Members of congress should serve life.

[Just A Citizen]

01:21 PM on 05/27/2010

Lobbying or lobbyists are NOT the problem.

We forget that most of us are represented by one or more "lobbyists" in D.C..

We also are not aware that many of these "lobbyists" do not spend money on elected officials or bureaucrats. What they DO have is the ability to deliver votes.

The assumption is that the lobbyist represents enough people that if you cross them badly it can affect your re-election. Once the politician no longer believes this then the lobbyist is rarely as affective.

Those lobbyists that do not have huge pockets rely on their own integrity for credibility. They must provide information that is accurate relative to the issue at hand.

Now the real solution, and I know you will all (most) hate it.

The power of the lobbyist derives from the power given to Congress to impose upon others. Reduce that power, the ability to constantly tweek, change, streamline, etc. and you remove the "reason" for the lobbyist.

[Intolerantcentrist]

10:38 PM on 05/27/2010

WHAT; “ [l]obbying or lobbyists are NOT the problem”, “[t]he assumption is that the lobbyist represents enough people that if you cross them badly it can affect your re-election. Once the politician no longer believes this then the lobbyist is rarely as affective”?

No, lobbying and lobbyist are the greatest solvent the public good. Your assumption that somehow politicians can see past the quantity represented by the lobbyist is misguided. Politicians will only dismiss lobbyists when; 1) the lobbyist runs out of money (free speech); 2) not reelected ;3) or one or both are in jail.

The reason the lobbyist are in Washington, and the reason Congress finds lobbyist credible is the exchange of money (campaign contributions) for governmental protection, tax remedy, product or service appropriations, or bailouts.

[Just A Citizen]

11:36 PM on 05/27/2010

Intolerant

I have personal experience in this area. I take it from your comments that you do NOT.

Please note that I identified different groups of lobbyists, which you ignore. The Big Boys that make all the headlines are the ones with money to hand out.

There are hundreds if not thousands of others who do not have these big war chests. Their power is in the information they bring and the connections to donors and voters back home.

Your generalizations are not only inaccurate but they only muddy the waters of the debate. Making real solutions hard to find. The typical knee jerk reactions will cause bigger problems in different places. But because of our outrage we are not willing to take the time to think things through.

Seems a lot like "off with their heads" to me.

[jacklambert]

01:05 PM on 05/27/2010

That's not difficult! 'Any lawmaker accepting money from lobbyists goes directly to prison!' Only problem is about 535 lawmakers wouldn't vote for it. Members of the Senate and congress are more comfortable where they are rather than in a prison cell

[Aikaterina]

12:43 PM on 05/27/2010

Keeping lobbyists at bay is quite simple:

1. All elected officials (both parties and in all 3 branches of government), regulators, agency heads return campaign contributions, gifts, stock options, pay back the money spent on perks and refuse those lucrative post-government job offers.

2. Enact and enforce strict public-only campaign financing.

3. Limit terms of all government officials, department heads, agency regulators, congressional representatives and federal judges to the same as those imposed on the president and most governors (8 years).

4. Adopt a constitutional amendment rescinding and forbidding any future exemptions government officials (appointed-elected) from laws, taxes they impose upon and legislate for all other citizens. Instead of free health care for life, they enroll in Medicare. Instead of full salary for life, they get Social Security or can invest in the private "free market" as they advocate. No exemptins of loopholes from taxes and costs for the health care legislation or other bills they pass.

[ectoendomezo]

01:45 PM on 05/27/2010

Agreed! However..must..absolutely address....the "Revolving Door"....its "Incentive"..and......."Rationale"

With all due respect..I would add:

5.) Adopt a Constitutional Amendment to Redifine "Bribery" solely regarding 'Government'..to Include: "Post Factum Bribery"..the "Incentive"..for "Government-Corporate and Corporate-Government" 'Employment'! End The Money Train!

6.) Include in the "Post Factum Bribery" Amendment--a '4 Year Moratorium' on All.."Corporate-Government and Government-Corporate" Employment.

Perfect..Example: Bob-Citigroup-Rubin!

As Clintons Treasury Sec. ..Bob Rubin..via "Deregulation"..almost..single handedly..made "Mega Bank Mergers"(Citigroup)..Possible..and...by "Deregulating Dirivitives"..created a Monster!

Upon "Leaving" Government..he proceded Directly to.......Citigroup..where he had a "Waiting Contract" for "$126 Million//6 years"...this's.."Post Factum Bribery"!

Infested with "Experts".."Government"..is now..."Govcorp"..

The "Rationale"..or "The Expert Myth"..its Delusional Concept...that "No Other Expert Without Targeted..Current Corporate Involvement Is Available!"

The "Moratorium"..would support the new Definition of 'Bribery"!

Example: Michael Taylor..Obama's Appointee to Head FDA..Just happens to be.."Monsanto's".."Former"...Chief Lobbyist!

A Moratorium would make this..jaw-dropping "Appointment"..Illegal!

However..if Mr. Taylor genuinely..wishes to "Serve His Country"..well..he need only "Do Something Else" for 4 years..and if he doesn't like it? So What!

This isn't a "Freedom" issue..Just a Few "Executives" and "Lobbyists" that've made 'Government Service' into "Lottery"! After all..."Service"..requires...Some.."Sacrifice"...right?

The System of "Debts Owed....And Debts To Be Collected" is Insitutionalized Corruption!!

[almost homeless]

12:24 PM on 05/27/2010

What's Simon talking about, the reform efforts are transparent. We all know wallstreet is purchasing senators like they purchase their mansions...with cold hard cash stolen from the American people. Cold hard cash for wallstreet friendly laws...how much more transparent can you get? The only more transparency we could have is if CSPAN showed the actual handing over of the cash to each of our honorable and distinguished elected clowns each week.

[lastwordss]

12:23 PM on 05/27/2010

top 400 families already own us and everything on this land.

the mission is accomplished, indeed.

[Bushdepression]

12:23 PM on 05/27/2010

Rand Paul wants to ban all lobbying for companies with any federal contracts.
Sounds like a good idea.

[BikeFreak]

11:37 AM on 05/27/2010

Campaign finance reform and outlaw lobbying activities.

[Chiefs2010]

11:17 AM on 05/27/2010

Do people sincerely believe that lobbyists didn't exist before or during the financial meltdown? Or arent' a necessary function?

They work for everyone from unions, small business, big oil, finance, mom and pop, car dealerships, environmentalists, postal workers...

Stop demonizing a massive industry that everyone from both parties and all walks of life rely on, and ultimately benefit from.

People simplify governanace and legislation, it is much more complex than most can really grasp..

GOP and DEMS, Left, Right, Green, Blue, pinkos, Bush, Obama .. all have used and relied on lobbyists...get over it.

If there were no lobbyists, the legislative process would be even slower than it is now. Oh yeah, lobbyists are some of the most hardworking people you'll meet. And lobbyists (lawyers) employe many secretaries, legal assistants, paralegals, co-counsel, associates, partners, accoutants, consultants, janitors, food/service industry, delivery drivers, countless vendors, and have a massive multipier job creation effect on the economy. They're not going anywhere, andt his is a good thing. Don't take everything MSM tells you for truth.

[Just A Citizen]

01:26 PM on 05/27/2010

Chiefs2010

I agree with you on the importance and role.

I DO NOT agree on the economic affects. What you say about money spent is true, but that would be like saying that Govt spending also provides economic vitality.

Money spent on lobbying is wasted resources. Capital spent trying to control the reigns of power in order to get something or to prevent having something done to you. That Capital would be better spent on "producing wealth". It really doesn't provide an expansion factor, it is PART of the expansion factor of our current system.

View it as a "service sector job".

[DevonTexas]

11:12 AM on 05/27/2010

Duct tape?

[PaticaDeGato]

11:10 AM on 05/27/2010

Mr. Johnson seems to forget that Congress is, intrinsically, a whorehouse (all that's missing is a red light at the entrance). Venality is the word, not "du jour", but "de tous les jours". The only solution for the "K street" issue, is simply to eliminate the middleman and sell access to Senators and Representatives directly on eBay. Power to the people! Democracy, yay!

[OleProfessor]

11:07 AM on 05/27/2010

Rescind Corporate "Personhood", it's corrupted our entire system, turned it into a system of legalized bribery!

[DevonTexas]

11:13 AM on 05/27/2010

or send corporations to jail. Hey, if you can influence an election and have Freedom of Speech, you can go to jail for illegal acts committed by the corporation, too!

[Just A Citizen]

01:29 PM on 05/27/2010

OleProfessor

I don't think you need to eliminate the "personhood" status. It is largely an issue of longevity.

But you DO need to remove the protective veil for Corporate executives, directors and officers. Individuals need to be held responsible for their actions. That includes their expenditures for political speech.