Hedge Fund Lobby Courting Rep. Baker (GOP)

[Robbien]

Source: Washington Post

Rep. Richard H. Baker (R-La.), a longtime legislative expert on the regulation of capital markets, is in serious talks to become president of the main lobby for hedge funds, the Managed Funds Association.

Baker disclosed the talks yesterday to the House ethics committee, becoming the first lawmaker to file a report about job talks as required under the lobbying law that Congress passed last year. Lawmakers must inform the House Committee on Standards of Official Conduct, as the ethics panel is officially known, when they start serious negotiations with outsiders that might want to hire them.

Hedge-fund industry executives, who spoke on the condition of anonymity because they were not authorized to talk to the news media, said that Baker is the top candidate for the nearly million-dollar-a-year job and was likely to formally be offered it soon. Baker would have to resign from Congress to take the position.

. . .


Baker said the talks with the association would move quickly now that the disclosure report had been filed with House officials. If he doesn't take the job, Baker said he would stand for reelection this year.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/01/04/AR2008010403519.html

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Baker is a senior member of the House Financial Services Committee which regulates the hedge fund industry.

[Toots]

1. I say good riddance

One more incumbant we won't have to run against..

[donkeyotay]

2. Revolving door. I thought there was a 2-year wait now between

doing business on behalf of an industry while collecting a check for allegedly representing the citizens of a state, and taking a job from the industry that benefited from your career in public service.