Revolving door (politics) - Knowledge (XXG)

491:, not only the commission. The European Union is said to have a permissive culture. It has often waved its own rules to allow revolvers to have a job in the institutions or to be employed in the private sector after their term in office. People going through the revolving door bring industry expertise and insight that can be valuable for regulators, it can sometimes be conceptualized as an educational process by researchers working on the topic. The European Union combines very technical domains where such specific knowledge and competences could be valuable. There is a tension between the need for expertise and the resort to the revolving door to obtain this knowledge. 439:" (art. 3). MEPs must also establish a declaration of financial interests (art. 4). Former MEPs’ activities may involve lobbying but must be notified to the European Parliament. Consequently, those MEPs involved in lobbying must not benefit from the facilities granted to others former MEPs (art. 6) such as entering the Parliament's building, using Parliament's restaurants and cafeteria, libraries, documentation centers or car parks. In the same vein of the commission, there is also an advisory committee that must, in accordance with article 16 of the Staff Regulation, publish an annual report (art. 7). If there is an alleged breach, the 100: 383:, when those meetings fall within the scope provided by the 2014 Interinstitutional Agreement between the European Parliament and the European Commission (art. 7): "activities concerning the provision of legal and other professional advice are not covered" (point 10). This register is not comprehensive since its material scope does not cover all activities influencing the decision-making process, the formulation and implementation of EU law. Therefore, the European Parliament, the Commission and the 786:

organizations linked with or under the jurisdiction of their ministries or agencies when they reach mandatory retirement age, usually between 50 and 60 in the public service. The former officials may collude with their former colleagues to help their new employers secure government contracts, avoid regulatory inspections and generally secure preferential treatment from the bureaucracy.

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Many studies find that companies with amakudari employees are subjected to less oversight by public agencies. Around 70 percent of public contracts awarded to organisations that employed hired retired bureaucrats through amakudari were given without a bidding process in 2005. The contracts were worth

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Amakudari is subject to rules which were revised in April 2007 in response to corruption scandals. Under the new rules, ministries are instructed to slowly stop helping bureaucrats land new jobs over three years starting in 2009. Instead, a job center to be set up by the end of 2008 would take on the

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First, each commissioner, before being appointed, has to fulfill a declaration of interests which is revised each year and made public. It aims at highlighting financial interests that may give rise to conflicts of interests, any function occupied during the past 10 years, and pointing to affiliation

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and discretion continue to stand even after leaving service (art. 16). There is a cooling-off period of two years within which they must notify their intention to engage in a new activity to their institution, aiming at constraining the revolving door problem. Finally, EU officials shall refrain from

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independence either when recruiting them or when they come back after a break. Moreover, EU officials must not have any direct or indirect involvement in matters that may impair their independence (art. 11 a). Also, if they are engaging in an outside activity (paid or unpaid) or any assignment during

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Secondly, if companies have connections to (former) ministers and their advisors, they may affect the formulation and implementation of policies and regulations in advance or take advantage of non-public information about the regulated industry. This means that the companies can get in advance notice

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for tax evasion. In the mortgage scandal of 1996, Japanese housing lenders went on a lending spree and racked up bad debts worth 6 trillion yen ($ 65.7 billion) sparking a financial crisis. The industry was supposed to be regulated by the Ministry of Finance, but the presence of its former officials

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A 1990 study suggested that amakudari retirements to large companies by bureaucrats from prominent ministries, such as the Ministry of Finance, had peaked in 1985 but that the practice was on the increase by bureaucrats from other types of government organisations such as the National Tax Agency. As

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refers to the advisory committee, which may conduct an audition and then refer back to the president on what can be done. The member under investigation may give a written opinion to the president and then the president issues a reasoned decision (art. 8). There is an exhaustive list concerning the

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are chosen according to their general competence, European commitment and independence "beyond doubts". They are also subject to different duties such as independence, integrity and discretion regarding the acceptance of certain benefits and or appointments during and after their mandate (art. 17 §3

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and therefore pay larger interests rates in order to compensate for the extra risk taken by the lender. The crisis occurred in 2008, property prices eventually collapsed whilst the aforementioned interest rates rose. Households had reached their maximum debt capacity, thus defaulting on their loans

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in which retired bureaucrats move from one organization to another. Bureaucrats could retire to a job at another government agency, and then switch jobs to a private company later. Critics say that the government could better prevent Amakudari by raising the retirement age for bureaucrats above 50.

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Amakudari may also be a reward for preferential treatment provided by officials to their new employers during their term in the civil service. Some government organisations are said to be expressly maintained for the purpose of hiring retiring bureaucrats and paying them high salaries at taxpayers'

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Thirdly, there is a cooling off period of 2 years during which two months’ notice is required before taking any job/benefits or appointments (art. 11, §2). If the activity is related to the commissioner's previous portfolio or seems to be contrary to art. 245 TFEU, the Independent Ethical Committee

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In April 2007, a law to phase out amakudari prohibits ministries from attempting to place bureaucrats in industry with implementation in 2009. However, the law also removed a two-year ban that prevented retiring officials from taking jobs with companies with which they had official dealings during

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is the institutionalized practice where Japanese senior bureaucrats retire to high-profile positions in the private and public sectors. The practice was increasingly viewed as corrupt and a drag on unfastening the ties between private sector and state which prevent economic and political reforms.

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finds that 30% of the 161 MEPs who left politics for other employment were employed by organisations which were registered on the EU Transparency Register at the start of 2017. At the same time, the report found that 15 out of 27 Commissioners who finished their service in 2014 entered employment

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There are two main views regarding the importance of former government employees in the lobbying industry. The first view contends that revolving door lobbyists are valuable because "Washington is all about connections.” In this view, experience in government allows former officials to develop a

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was jailed for corruption in relation to improper use of his government position to benefit from helping people with immigration applications was influential in the creation of a restraint of trade clause in the Immigration Advisers Licensing Act 2007. The Act prohibits Ministers of Immigration,

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or the loss of confidence in the regulating institutions. Another possible side effect of the revolving door practice is that regulators could give away confidential information held by the financial institutions, which would give companies the possibility to get access to information and people

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If the European Parliament's Code of Conduct seems permissive (e.g. there is any cooling-off period), the Parliament is concerned by the revolving door effect and has used its power over other institutions to prevent them. In some cases, the EP must give its approval for the appointment of the

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and former ministers offering their influence and contacts in an effort to get lobbying jobs, has generated renewed concern about this issue. A Transparency International UK report on the subject, published in May 2011, called for ACOBA to be replaced by a statutory body with greater powers to

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decisions must either wait a year before joining a military contractor or, if they want to switch immediately, must start in an affiliate or division unrelated to their government work. One big loophole is that these restrictions do not apply to many high-level policy makers..., who can join

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myths of gods descending from heaven to earth; the modern usage employs it as a metaphor, where "heaven" refers to the upper echelons of the civil service, the civil servants are the deities, and the earth is the private-sector corporations. In amakudari, senior civil servants retire to join

411:, then, the concerned person may be reprimanded, even publicly, by the commission. In accordance with art. 16 of the Staff Regulation, an annual report has to be published, including the work of the committee (art. 13). Also, the president may ask the commissioner to resign (art. 17, §6 TUE). 158:

industry is especially affected by the revolving door concept, as the main asset for a lobbyist is contacts with and influence on government officials. This industrial climate is attractive for ex-government officials. It can also mean substantial monetary rewards for the lobbying firms and

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Finally, the previous "Ad Hoc Ethical Committee" has been renamed "Independent Ethical Committee". Its members are appointed by the commission on the proposition of the president and their deliberations are confidential while their opinions/final decisions are made public (art. 12). If the

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However, the law removed a two-year ban that prevented retiring officials from taking jobs with companies with which they had official dealings during the five years before retirement, which may increase amakudari. It also left considerable loopholes, including not placing restrictions on

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Amakudari is widespread in many branches of the Japanese government but is subject to government efforts to regulate the practice. Pressure to reduce amakudari retirement to corporations may be leading to an increase in bureaucrats retiring to other public sector organisations instead.

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Industry, in turn, hires people out of government positions to gain personal access to government officials, seek favorable legislation/regulation and government contracts in exchange for high-paying employment offers, and get inside information on what is going on in government.

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is an Italian politician. He worked in the Italian Treasury but then left to become vice chairman and managing director of the Goldman Sachs international division. In this branch he dealt with European corporations and governments. He also led Goldman Sachs's European strategy.

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penalties listed in art. 166§3 to §5 of the Rules of Procedures. Since April 2013, the European Parliament adopted implementing measures of the "Code of Conduct on Gifts received in an official capacity, Invitations to events organised by third parties and Monitoring procedure".

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Over 50 years ending in 2010, 68 high-level government bureaucrats have taken jobs with electricity suppliers after retirement from their government positions. In 2011, 13 retired government bureaucrats were employed in senior positions in Japanese electric utilities.

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Governments hire industry professionals for their private sector experience, their influence within corporations that the government is attempting to regulate or do business with, and in order to gain political support (donations and endorsements) from private firms.

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network of friends and colleagues that they can later exploit on behalf of their clients....A second view, often put forward by lobbyists themselves, is that the importance of individuals with prior government experience is due to higher innate ability and/or human

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or "sideslip") has surged reaching 27,882 appointments in 2006 up 5,789 on the previous year. These organisations, numbering 4,576, received 98 percent of the expenses for state projects without being subject to the bidding processes faced by private companies.

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This can be seen as a progress in regulating the issue but these efforts may be perceived as insufficient. Indeed, the cooling-off period after employment in the Union lasts for 18 months. In contrast, other countries have stricter rules. For instance, former

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Since 31/01/2019, the EP has also amended its Rules of Procedure saying that "rapporteurs, shadow rapporteurs or committee chairs shall, for each report, publish online all scheduled meetings with interest representatives falling under the scope of the

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firms generate their power in the market through the mechanism of the revolving door and not through salient choices. This is due to the fact that big companies have more money than smaller ones and can thus allow themselves to hire more revolvers.

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and helped oversee the financial reforms that followed the economic collapse. In 2016, after his cool-off period he announced his move towards the investment bank. He became the non-executive chairman. His hiring was so controversial that the

399:, the cooling-off period has been extended to 3 years (art. 11, §5). Still, there is no cooling period if it concerns public service meaning that the ex-commissioner can take a public service job without any cooling off period (art. 11, §6). 213:

can gain unlawful advantages by legally and illegally manipulating the different stages of policy-making. They can have an impact on the formulation, adoption and implementation of laws, public policies or regulations in different ways:

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Political scientists have identified amakudari as a central feature of Japan's political and economic structure. The practice is thought to bind private and public sector in a tight embrace and prevent political and economic change.

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TEU + 245 TFEU). If those duties of integrity and discretion are breached, they may be subject to judicial proceedings leading to the suspension of their pension and/or other rights or to be compulsory retired (art. 245 + 247 TFEU).

277:. In 2016, Robb left politics and accepted a "consultant" position at Shandong Landbridge, with an $ 880,000 per year salary. In 2019, Robb left the position, shortly before a new "foreign interference" law took effect in Australia. 3006: 997:

joined a lobbying firm just three months after leaving Parliament, where he had been justice and broadcasting minister. Gordon-Jon Thompson took a leave of absence from his lobbying firm to work as chief of staff to Prime Minister

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Case in 2017 (cfr infra). This last version has been applied since the 1st February 2018. The key features concern the declaration of interest, transparency, the cooling off period and the "new" Independent Ethical Committee.

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Many former commissioners of the Securities and Exchange Commission and SEC employees have also been employed by private firms in the industry they once regulated. Former chairman Jay Clayton currently serves on the board of

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the investment bank, is known to use the revolving doors in the US as well as with former EU officials to gain expertise and/or inside information on EU regulatory matters. There are several examples of revolvers between the

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their mandate, EU officials must seek the authorization of the Appointing authority. It shall be refused if it impairs with the EU officials’ duties or the institutions’ interests (art. 12b). Finally, EU official's duties to

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of incoming regulations and that they can be warned of further consequences, negative as well as positive. In most European countries, but also in the US, the use of insider information is punishable by law. In practice,

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employed former commissioner Daniel M. Gallagher as chief legal officer, former chief of staff to the chairman Lucas Moskowitz as deputy general counsel, and staff attorneys Justin Daly and Benjamin Brown as lobbyists.

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Scientific papers have demonstrated the consequences of the revolving doors practice and the side effects of those movements are numerous. These can be beneficial either for the companies or for the regulatory bodies.

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apply to all EU officials. However, each institution/body/agency has to adopt its own internal rules and to annually report on this implementation of art. 16 Staff Regulation addressing the revolving doors problem.

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It is striking that a particularly large number of revolving door movements took place in 2007 and 2008. Figures show that mainly public-to-private movements, that is to say, the transition from politics to the

1711:"Regulation No 31 (EEC), 11 (EAEC), laying down the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Economic Community and the European Atomic Energy Community" 2346: 222:

have links to private companies, they can have an influence on the adoption of laws and regulations in their favour. Moreover, they may be reluctant to vote on proposals that would harm corporate interests.

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enacted new rules as part of a policy pledge to completely eradicate amakudari in 2007, but his reforms were criticised as toothless (see below) and a campaign ploy for Upper House elections in July 2007.

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It wasn't until the next decade that Japanese prime ministers responded with policies to limit amakudari, although it is unclear whether these policies are having any effect. In July 2002, Prime Minister

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with organisations on the EU lobby register after the end of their 18-month cooling-off period. The report also notes that the regulatory framework surrounding the revolving door phenomenon in the

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veterans occupied key positions in Washington, but it also fostered the development of strong personal connections between senior bankers and high government officials, which gave the so-called "

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must be consulted. However, there is no authorization needed in some cases explicitly addressed in an exhaustive list (art. 11, §3). Moreover, ex-commissioners are barred from performing direct

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eliminated most of these nationalized organizations resulting in a need to outplace individuals to the private sector. Such outplacement is inevitable in a personnel system where traditional

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In October 2006, 339 public entities were violating the guidelines concerning amakudari, a figure 38 times higher than the number for the previous year. This declined to 166 by July 2007.

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Wirsching, Elisa (2018). "The Revolving Door for Political Elites: An Empirical Analysis of the Linkages between Government Officials' Professional Background and Financial Regulation".

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to organisms susceptible to influence the exercise of their public mandate. It may concern spouses and minor children, if needed (art. 3). Those are the main areas of inquiry during the

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involved in the decision-making process of regulating authorities. Revolving doors can also lead to unfair competition advantage as well as an unfair distribution of influencing power.

2626: 1062:. The higher expertise of revolving door individuals can refer to policy matters, the inner workings of the legislative process, or even the preferences of particular constituencies. 2454: 1026:(ACOBA), but it is not a statutory body and has only advisory powers. The Channel Four Dispatches programme 'Cabs for Hire', broadcast in early 2010, which showed several sitting 1780:

European Parliament (07/10/2020). "decision of the European Parliament of 28 September 2005 adopting the Statute for Members of the European Parliament (2005/684/EC, Euratom)".

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governing public officials who move between the public and private sectors requires a three-year wait between working in the government and taking a job in the private sector.

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could be improved by a stronger ethics framework, notably an independent ethics body which would decide which professional activities are subject to a conflict of interest.

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addresses the rights and obligations of officials such as their duty of impartiality and loyalty (art. 11). Therefore, the Appointing authority shall examine if there is no

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In fact, the regulator while in office takes actions and makes decisions enabling him to cash in later when joining a firm he has regulated. These actions are termed as

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Authors, such as David Miller and William Dinan, have claimed that there are risks when going in and out of revolving doors. The consequences of this movement can be

1814:"Implementing measures for the Code of Conduct for Members of the European Parliament with respect to financial interests and conflicts of interest, Bureau decision" 195:. Vice versa, regulators can also be influenced to demand for stronger stances in policy fields that will benefit the regulator if he aims at a future career in the 408: 376:'s hearings prior to the effective nomination of a commissioner. If such a conflict of interest emerges, there is a procedure that may end by a recusation (art. 4). 331: 302: 2343: 162:

An example is the revolving door between U.S. politics and military industry. As of 2023, 80 per cent of U.S. four-star retirees are employed in defense industry.

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De Graaff, Nana, and Bastiaan Van Apeldoorn, "The transnationalist US foreign‐policy elite in exile? A comparative network analysis of the Trump administration."

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Another aspect of the revolving door practice is that regulators might be incentivized to push for softer regulation in order to gain access later on in the

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Associate Ministers of Immigration and immigration officials from becoming a licensed immigration adviser for one year after leaving government employment.

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However, the EU has been pressured to address the issue more convincingly and to reform its rules sometimes qualified as weak. The code of Conduct of the

255:, this is of significant public debate as many state leaders have become private consultants for corporations. There is no legislation against doing so. 2385:

Jordi Blanes i Vidal, Mirko Draca, and Christian Fons-Rosen, "Revolving door lobbyists." American Economic Review 102.7 (2012): 3731-3748 at 3731-3732..

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regulate the post-public employment of former ministers and crown servants. It also argued that the committee should be more representative of society.

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was leased for 99 years to Shandong Landbridge, a Chinese company closely aligned with the Chinese Government's trade policy. The deal was approved by

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Some studies find that amakudari promotes more risky business activities. A 2001 study found that banks with amakudari employees were found to behave

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In the strictest meaning of amakudari, bureaucrats retire into private companies. In other forms bureaucrats move into government corporations (横滑り

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a total 233 billion yen. By contrast 18 percent of private companies that didn't have ex-bureaucrats on the payroll got contracts without bidding.

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While policy has focused on limiting amakudari to private companies, the number of bureaucrats retiring to jobs at other government organisations (

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prudently the more retired civil servants they employed (measured by the capital-asset ratio, an indicator of the prudential behaviour of banks).

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and joining a firm in the sector he previously regulated. Thus, the bureaucrat can abuse the previous position to increase income in a legal way.

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has also taken steps to close the entering side of the revolving door when it blocked the nomination of Gerry Cross as executive director of the

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since government officials could be outplaced to a large number of industrial organization that were nationalized. However, reforms during the

729: 387:(for the first time) reached a compromise agreement on a mandatory Transparency Register since 15/12/2020 but still has to be formally adopted. 880:) scandal, corruption was uncovered among bureaucrats associated with building contractors, leading to the jailing of high-ranking politician 1891: 670: 662: 2604: 2123: 1445: 3197: 440: 404: 396: 3095: 3157: 2447: 488: 1262: 1251: 2108: 2082: 1636:

Brezis, Elise; Cariolle, Joël (2019). "The Revolving Door, State Connections, and Inequality of Influence in the Financial Sector".

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and his lobbying agency, Gephardt Government Affairs Group, earned close to $ 7 million in revenues in 2010 from clients including

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industry in New Zealand, allowing politicians and Parliamentary staffers to immediately become lobbyists after leaving office.

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and became its first president during his cool-off period from 1993 to 1995. In July 1995 he became Chairman of Goldman Sachs.

60:(affected by state legislation and regulations) in the private sector. It is analogous to the movement of people in a physical 1130:

of 1999 repealing key provisions of the Glass-Steagall Act, and then starting in 2005 returned in a senior government role as

594:(1999-2004). He started serving on the board of international advisers of the bank in 2002 during his term. In November 2011, 3104:

Government officials who now work at IFPMA, PhRMA, or law firms and lobbying firms that represent the pharmaceutical industry

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Brezis, Elise; Cariolle, Joël. "The Revolving Door, State Connections, and Inequality of Influence in the Financial Sector".

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and the funding of political parties varies considerably around the world. Here are details for a few sample jurisdictions:-

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Revolving doors, accountability and transparency - emerging regulatory concerns and policy solutions in the financial crisis

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Hong, Sounman, and Jeehun Lim. "Capture and the Bureaucratic Mafia: Does the Revolving Door Erode Bureaucratic Integrity?"

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a result, the percentage of former bureaucrats on the boards of private-sector listed companies had remained stable at 2%.

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breached their duties and cooling-off period but the material scope does not enter in the application of art. 245 or 247

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largest telephone company. While he was still Commissioner he announced that he wanted to join the board of directors of

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be ended, because of its association with corruption between business and politics. Koizumi's successor, Prime Minister

684:. He left his occupation to become head of the Association for Financial Markets in Europe (AFME), a powerful financial 665:, in spite of having displayed 25 corporate jobs on her resume. Later on it was found that she also served 7 years as a 79:

The term has also been used to refer to the constant switching and ousting of political leaders from office, such as in

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led to allegations of collusion of interests and delayed interests. He resigned after two weeks, and the territory's

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and further increasing their debts. As a result, real estate assets were seized, which exacerbated the fall in the

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the Commissioner for Industrial Affairs was suspended from his duties after his decision to accept a position with

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and 27 former European Commissioners, the revolving door phenomenon is present at the EU level as well. The report

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Lucca, David; Seru, Amit; Trebbi, Francesco (2014). "The Revolving Door and Worker Flows in Banking Regulation".

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A series of scandals in the mid-1990s focused the media spotlight on amakudari. In the 1994 general contracting (

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was a Commissioner responsible for Competition Policy between 1985 and 1989. He left the commission to found the

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has been used to describe people switching jobs, from working as lawmakers, to being lobbyists, and vice versa.

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Roche, M (14/11/2011). "Goldman Sachs, le trait d'union entre Mario Draghi, Mario Monti et Lucas Papadémos".

1795: 1008:(TI) criticized the lack of oversight in the New Zealand lobbying industry in a November 2022 report as lax. 2402: 1201:

Major financial institutions also hire former SEC attorneys as lead counsel, including Stephen M. Cutler at

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The revolving door phenomenon has become a public interest in the 2010s, with the writings of Andrew Baker,

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Strickland, James M. "The Declining Value of Revolving‐Door Lobbyists: Evidence from the American States."

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Shepherd, Michael E., and Hye Young You. "Exit strategy: career concerns and revolving doors in Congress."

1265:. This crisis was preceded by the US financial sector entering more and more into cooperation with federal 3136: 1397: 1135: 1127: 610: 583: 499: 363: 2244:, Kenji Suzuki, Scandinavian Working Papers in Economics, No 136, 1 November 2001, retrieved 27 July 2007 1919: 2394: 1737:"Commission Decision of 31 January 2018 on a Code of Conduct for the Members of the European Commission" 1243: 1166: 737: 573: 484: 459:

In January 2020 the Parliament stopped an entering revolving door: it has declined to approve the Irish

380: 347: 31: 2274: 1849: 2130:, Japan Policy Research Institute, JPRI Critique Vol. III No. 2: February 1996. Accessed 7 April 2007. 1022:

The movement of senior civil servants and government ministers into business roles is overseen by the

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role, and government agencies and ministries will be prohibited from brokering new jobs for retirees.

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values prevent one who entered the organization at the same time as another to become his subordinate

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LaPira, Timothy M., and Herschel F. Thomas. "Revolving door lobbyists and interest representation."

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judged that he should have resigned before negotiating his new functions with his future employer.

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are a type of mortgage offered to individuals who do not qualify for traditional loans due to poor

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As well as scandals, the effects of amakudari have been documented by a sizable body of research.

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Seabrooke, Leonard, and Eleni Tsingou. "Revolving doors in international financial governance."

2627:"Private Equity Giant Apollo Hires Ex-SEC Chief Jay Clayton As It Moves On From Epstein Scandal" 2509: 2415: 2171: 2398: 2073: 1285:

of the financial sector was in the public interest and did not only serve their self-interest.

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worldview in the political world. They were finally able to persuade the policymakers that the

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The revolving doors were significantly prevalent in the financial sector and were cited by the

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passing through the revolving door attract much attention, but such situations occur in every

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Examples of individuals who have moved between roles in this way in sensitive areas include

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which has applied since 1 January 2012. Here, the code provides an explicit definition of "

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industry. This theory gained a new level of importance in the United States, following the

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Blanes i Vidal, Jordi, Mirko Draca, and Christian Fons-Rosen. "Revolving door lobbyists."

2458: 2370: 2350: 2296:"Lobbyists in New Zealand enjoy freedoms unlike most other nations in the developed world" 2196: 2127: 2055: 2032: 1469: 1449: 1274: 1206: 1186: 432: 359: 335: 227: 184: 327:

any unauthorized disclosure of information received in the line of their duty (art. 17).

1958:"Ombudsman reacts to opinion of ethical committee on Barroso - Press Release no 13/2016" 1561:

Carre, Emmanuel; Demange, Elise (2017). "La Revolving Door dans les Banques Centrales".

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government projects and contracts in the hundreds of millions for those they represent.

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provisions exist in relation to certain industries. For example, a scandal in which MP

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and her cooling period she applied for a job in the industry she previously regulated.

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Dialer, Doris; Richter, Margarethe (2019). Dialer, Doris; Richter, Margarethe (eds.).

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is most often observed on the stock exchange and also plays a role in revolving doors.

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and adviser, Ryan VanGrack as its deputy chief legal officer, David Glocker as its

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There is also no cooling off period for public officials before they can enter the

858: 658: 591: 569: 564: 460: 1672: 1607: 1588: 1233:

banks began to grant loans to households that did not meet credit score criteria.

285:

There are different rules applied regarding the institution/agency/body involved.

2241: 1413: 582:

is an Italian economist and politician. He was appointed as commissioner for the

1472: 1322: 1278: 1277:" banks, privileged access to decisions-makers and contributed to promoting the 1270: 1079: 994: 974: 736:

in charge of lands. His appointment as an executive director of a subsidiary of

617:

for 2 consecutive terms between 2004 and 2014. He led the commission during the

599: 595: 579: 463:

Gerry Cross from becoming executive director of the European Banking Authority (

270: 259: 2989: 2923:

Sanders, A (2008). "The subprime crisis and its role in the financial crisis".

1185:

has employed numerous former SEC employees, including Stephen Luparello as its

700:

of the EU and it was concluded that the EBA should not have allowed that move.

507:

are to wait 5 years after their term to engage in any lobbying activities. The

2477: 2473: 2353:

Transparency International UK (May 2011), p. 6. Retrieved 8 January 2012.

2187: 2027: 1883: 1697:"Andrew Robb quits China-linked form before foreign interference law kicks in" 1616: 1524: 1091: 898: 121: 84: 49: 2881:"Inside the Secret Society of Wall Street's Top In-House Lawyers - Bloomberg" 2855: 2015:

Légifrance, service public de la diffusion du droit. Retrieved March 6, 2011

1510: 1431: 1977:"Commissioner Bangemann suspended from official duties, Press Release 13226" 1589:"The value of the revolving door: Political appointees and the stock market" 1485:

Blanes i Vidal, Jordi; Draca, Mirko; Fons-Rosen, Christian (December 2012).

1158: 1103: 866: 669:

for an arms manufacturer, which she had not disclosed. After her 2 terms as

609:

The revolving door that received the most media coverage in Europe concerns

323: 252: 80: 2805:"Robinhood lobbying targets legislation that could hurt its business model" 2321:"New Zealand lobbying oversight lacking in comparison to similar countries" 1570: 1502: 1066: 395:

but only for 2 years (art. 11, §4). If the person concerned was the former

2344:'Cabs for Hire? Fixing the Revolving Door Between Government and Business' 522:- EU Office, which analysed the career paths of 485 former Members of the 48:

Primarily, it denotes a situation wherein personnel move between roles as

2970:

Financial Sector Regulation and the Revolving Door in US Commercial banks

1261:

and some non-governmental organisations as one of the main causes of the

990: 685: 666: 392: 240: 155: 38: 17: 3089: 3077: 3067: 3030: 1681: 1529:"Over 80 percent of four-star retirees are employed in defense industry" 1422: 598:

came back in the public sphere to lead the Italian government formed by

2596:"Apollo appoints ex-SEC chair Jay Clayton as lead independent director" 696:

and let him go without a cooling period. A complaint was lodged to the

125: 124:. In the literature, it has been described as a means to influence the 2548:"Citadel's Ken Griffin Adds to Hires From a Preferred Locale: the SEC" 2119:

Mayumi Otsuma, Ken Ellis, Todd Zaun, Andrew Morse, and Norie Kuboyama

1930:

Salgol, L (13/12/2005). "Super Mario Monti joins Goldman as adviser".

1920:

http://transparency.eu/wp-content/uploads/2017/01/Access-all-areas.pdf

813:), are granted successive public and private sector appointments (渡り鳥 362:

in 1999. It was revised already in 2011 and then "reformed" after the

2844:"Stephen Cutler, JPMorgan's General Counsel, to Become Vice Chairman" 1154: 782: 709: 2570:"Robinhood looks for in-house lobbyist amid backlash from lawmakers" 2478:

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

83:(which changed Prime Ministers 6 times from 2007 to 2018), interwar 885:

in top jobs at the lenders is thought to have deflected oversight.

3049:

65(C): 17–32. doi:10.1016/j.jmoneco.2014.05.005. hdl:10419/120841.

2779:"Robinhood Expands Lobbying Footprint With In-House Registrations" 2651:"Citadel Securities Hires Ex-CFTC Chairman Tarbert as Legal Chief" 1229:

and speculation by US banks. In order to revive their economy and

1065: 973:

There is no major legislation against revolving door practices in

643: 379:

Second, commissioners can only meet with people registered in the

98: 88: 2727:"Robinhood IPO Filing Shows CLO's Pay Valued at $ 30 Million (1)" 2242:

Effect of Amakudari on Bank Performance in the Post-Bubble Period

239:

Regulation relating to this phenomenon and the related issues of

76:, based on the granting of reciprocated privileges between them. 1258: 1230: 1226: 210: 2907:"Comprendre la crise des subprimes en quatre questions simples" 2254:

Firms with amakudari ties win government projects with no bids

626:

referred the case to the commission's Ad Hoc Ethic Committee.

455:

leaders/officials of other European agencies for instance the

2700:"Xcel Energy, Baker Hughes Tap New In-House Legal Chiefs (1)" 1876:

Lobbying in the European Union Strategies, Dynamics and Trend

781:

The term's literal meaning, "descent from heaven," refers to

2754: 2546:

Robinson & Bein, Matt & Benjamin (March 16, 2018).

1658:"The Revolving Door and Worker Flows in Banking Regulation" 2972:, Ferdi Working paper, revised version, October 2016: 122. 2046: 2044: 2042: 2067: 2065: 1193:, and Gregg Berman as director of research. As of 2021, 56:

in the public sector, and as employees or lobbyists of

1743:. Official Journal C65. 21 February 2018. pp. 7–20 1446:"The Lobbying Game: Why the Revolving Door Won't Close" 1269:. Through the process of the revolving doors not only 1002:

for four months before returning to his lobbying firm.

2675:"Ex-SEC official Luparello joining Citadel Securities" 2429:

The Legacy of Billy Tauzin: The White House-PhRMA Deal

3102:

Revolving door between the US Government and Industry

572:

left the bank when he was appointed president of the

2140:"Japanese Government to Review 'Amakudari' Practice" 1656:

Lucca, David; Seru, Amit; Trebbi, Francesco (2014).

2437:, published 12 February 2010, accessed 27 June 2023 1717:. Official Journal P045. 14 June 1962. p. 1385 1398:"Legal conflicts of interest of the revolving door" 1118:who pressed for banking deregulation and repeal of 2594: 2030:, "'Amakudari' landed 646 as pension fund execs", 1045:"Under current law, government officials who make 732:. Leung was previously a senior civil servant and 2051:"Amakudari crackdown called toothless, poll ploy" 1383:OECD Global Anti-Corruption & Integrity Forum 183:can be explained through the fact that so-called 2875: 2873: 2871: 1764:"Agreement on a Mandatory Transparency Register" 833:) or may become politicians, including becoming 202:Furthermore, revolving doors make it easier for 3003:Amakudari: The hidden fabric of Japan's economy 2192:Utilities got 68 ex-bureaucrats via 'amakudari' 2074:Amakudari: The Hidden Fabric of Japan's Economy 1360:"Australia's Revolving Door Prime Ministership" 1074:became a lobbyist in 2007 after he left office. 1050:corporations or their boards without waiting." 761: 303:Treaty on the Functioning of the European Union 2593:Vandevelde, Mark; Indap, Sujeet (2021-02-18). 2448:"Revolving door should be closed on Dan Coats" 2399:"Cheney's Multi-Million Dollar Revolving Door" 2364:Pentagon Brass and Military Contractors' Gold" 1225:erupted in 2007 after several years of unsafe 755: 3133:Dispatches - Politicians for Hire - Channel 4 2495:"F.C.C. Commissioner Leaving to Join Comcast" 650:and that he would resign from the commission. 8: 3098:UNICORN article - www.againstcorruption.org/ 2936:Artus P, Betèze J-P, De Boissieu CE et al., 2827:: CS1 maint: multiple names: authors list ( 2071:Richard A. Colignon and Chikako Usui (2003) 1587:Luechinger, Simon; Moser, Christoph (2014). 1114:official in the administration of President 744:had, for years, an inquiry into the matter. 293:The general principle is the following: the 2803:Rooney, Brian Schwartz, Kate (2021-02-09). 1878:. Switzerland: Springer. pp. 273–286. 1453:(February 16, 2006). Retrieved May 12, 2011 1024:Advisory Committee on Business Appointments 818: 798: 473:Association for Financial Markets in Europe 338:, during and after EU officials’ services. 3096:Revolving Doors in the UK Defence Industry 3090:Revolving Door database at Opensecrets.org 2510:Meredith Atwell Baker's employment history 1138:(media lobbying). High-profile Democratic 680:Adam Farkas was executive director of the 467:) because of his lobbying past within the 2954:Cultural Capture and the Financial Crisis 2755:"Robinhood builds a presence on K Street" 2406:(2000-08-02). Retrieved December 13, 2008 1680: 1615: 1421: 3001:Colignon, Richard A., and Chikako Usui. 2172:15,789 more 'amakudari' positions filled 1830:European Parliament (12 December 2018). 1762:European Commission (15 December 2020). 206:to find adequate and qualified workers. 2178:, 31 March 2007, retrieved 26 July 2007 2146:, July 23, 2002. Accessed 7 April 2007. 2059:, 14 April 2007, retrieved 26 July 2007 1848:European Parliament (30 January 2020). 1350: 2820: 2748: 2746: 2721: 2719: 2563: 2561: 2541: 2539: 2537: 2524:"The Trouble With That Revolving Door" 2522:THOMAS B. EDSALL (December 18, 2011). 2500:(May 11, 2011). 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Retrieved May 12, 2011 2418:OpenSecrets. Retrieved May 12, 2011 1975:European Commission (2 July 1999). 857:Amakudari was a minor issue before 2996:Journal of Institutional Economics 1832:"Amendment 20 regarding Rule 11 a" 1638:Journal of Institutional Economics 1358:William Prescott (April 3, 2019). 1181:as the lead independent director. 1172:Securities and Exchange Commission 773:the five years before retirement. 422:Members of the European Parliament 25: 3139:documentary on lobbying in the UK 3064:American Political Science Review 3005:(Cornell University Press, 2003) 2156:Editorial:Constitutional revision 2121:"Japan's Housing Lenders' Crisis" 457:European Supervisory Authorities. 268:Minister for Trade and Investment 2940:La Documentation franaise, 2008. 2842:Popper, Nathaniel (2015-07-06). 3117:Revolving Door Congress Members 3112:Project on Government Oversight 2607:from the original on 2022-12-10 2416:Pat Toomey's employment history 2210:Editorial: Civil service reform 1396:Brezis, S. Elise (2017-04-22). 1250:, ultimately developing into a 1134:, and former FCC commissioner 3183:Metaphors referring to objects 3037:Interest Groups & Advocacy 2568:Gangitano, Alex (2021-01-29). 2013:"Article 432-13 du code pénal" 1053:According to recent scholars,: 1018:Lobbying in the United Kingdom 1: 3153:Political science terminology 3047:Journal of Monetary Economics 1956:Ombudsman (31 October 2016). 1673:10.1016/j.jmoneco.2014.05.005 1665:Journal of Monetary Economics 1608:10.1016/j.jpubeco.2014.08.001 1463:"Revolving Door: Methodology" 1318:Goldman Sachs' revolving door 1041:Lobbying in the United States 431:has also established its own 334:highlights the obligation of 2925:Journal of Housing Economics 2096:The Enigma of Japanese Power 1414:10.1016/j.jmacro.2017.04.006 1124:American Bankers Association 720:In 2008, the appointment of 671:commissioner for Competition 663:Commissioner for Competition 498:has been reformed after the 420:In its 2005 Statute for the 273:, a member of the governing 3198:Political scandals in Japan 2457:September 24, 2015, at the 1596:Journal of Public Economics 1563:Revue d'économie financière 1313:Military–industrial complex 1132:Comptroller of the Currency 762: 708:A law in the penal code of 3219: 3158:Political science theories 1487:"Revolving Door Lobbyists" 1112:Department of the Treasury 1070:Democratic Representative 1038: 1015: 1006:Transparency International 961: 690:European Banking Authority 682:European Banking Authority 520:Transparency International 513:European Banking Authority 145: bureaucratic capital 29: 2988:102.7 (2012): 3731–3748. 2905:Bartnik, M (4 May 2019). 2271:"New Zealand Legislation" 1994:Ombudsman (11 May 2020). 1884:10.1007/978-3-319-98800-9 1402:Journal of Macroeconomics 1362:. Oxford Political Review 1122:, then as counsel to the 1086:(pesticide and biotech), 756: 724:as executive director of 518:According to a report by 2986:American Economic Review 1491:American Economic Review 1475:. Retrieved May 12, 2011 1308:Interlocking directorate 1209:, and Richard Walker at 1191:chief compliance officer 1179:Apollo Global Management 1145:left office to become a 1082:(military contracting), 766:, "descent from heaven") 559:World Trade Organization 479:Critics and developments 358:has established its own 30:Not to be confused with 3066:114.1 (2020): 270–284. 2938:La crise des subprimes, 1100:pharmaceutical industry 3056:21.2 (2021): 294–319. 3019:21.2 (2021): 238–264, 2968:Brezis E, Cariolle J, 1571:10.3917/ecofi.128.0233 1503:10.1257/aer.102.7.3731 1252:global economic crisis 1136:Meredith Attwell Baker 1128:Gramm-Leach-Bliley Act 1075: 1064: 734:administrative officer 108: 3092:– searchable database 2036:, 7 March 2012, p. 1. 1794:European Parliament. 1263:2008 financial crisis 1167:Waste Management Inc. 1090:(homeland security), 1069: 1055: 1028:members of Parliament 835:members of parliament 604:sovereign debt crisis 574:European Central Bank 450:Transparency Register 403:commissioners or the 381:Transparency Register 220:Members of Parliament 218:Firstly, if (former) 102: 32:Revolving door effect 3178:Conflict of interest 3173:Political corruption 3168:Public choice theory 3076:64.1 (2020): 67–81. 2783:Bloomberg Government 1060:capital accumulation 893:ordered that strict 726:New World China Land 694:conflict of interest 619:2008 subprime crisis 437:conflict of interest 336:professional secrecy 315:conflict of interest 176:conflict of interest 70:conflict of interest 3193:Government of Japan 2453:(October 22, 2010) 2434:Sunlight Foundation 2200:, 4 May 2011, p. 2. 1534:The Washington Post 1527:(October 4, 2023). 1444:Timothy J. Burger, 1267:regulators agencies 983:Taito Phillip Field 863:Occupation of Japan 742:Legislative Council 630:Other controversies 615:European Commission 613:, president of the 611:José Manuel Barroso 524:European Parliament 509:European Parliament 505:Candadien officials 429:European Parliament 416:European Parliament 374:European Parliament 342:European Commission 317:undermining the EU 204:regulatory agencies 181:Economic distortion 3011:online book review 2848:The New York Times 2528:The New York Times 2498:The New York Times 2374:The New York Times 2369:2008-10-22 at the 2349:2012-01-19 at the 2126:2008-12-14 at the 2101:Karel van Wolferen 1617:20.500.11850/61664 1468:2007-12-25 at the 1340:Regulatory capture 1293:, were completed. 1183:Citadel Securities 1163:Ameren Corporation 1120:Glass-Steagall Act 1076: 624:Juncker Commission 264:Northern Territory 109: 103:The metaphor of a 74:regulatory capture 3203:Politics of Japan 2927:. 17(4): 254–261. 2887:. 14 October 2016 2785:. 9 February 2021 2451:Indianapolis Star 1893:978-3-319-98799-6 1231:real estate loans 1195:Robinhood Markets 1116:George H. W. Bush 891:Junichiro Koizumi 673:and later on for 588:Santer Commission 385:Council of the EU 16:(Redirected from 3210: 3188:Economy of Japan 3039:3 (2014): 4-29. 2973: 2966: 2957: 2952:Kwak, J (2013). 2950: 2941: 2934: 2928: 2921: 2915: 2914: 2902: 2896: 2895: 2893: 2892: 2877: 2866: 2865: 2863: 2862: 2839: 2833: 2832: 2826: 2818: 2816: 2815: 2800: 2794: 2793: 2791: 2790: 2775: 2769: 2768: 2766: 2765: 2750: 2741: 2740: 2738: 2737: 2723: 2714: 2713: 2711: 2710: 2696: 2690: 2689: 2687: 2686: 2671: 2665: 2664: 2662: 2661: 2647: 2641: 2640: 2638: 2637: 2622: 2616: 2615: 2613: 2612: 2598: 2590: 2584: 2583: 2581: 2580: 2565: 2556: 2555: 2543: 2532: 2531: 2519: 2513: 2507: 2501: 2491: 2485: 2467: 2461: 2444: 2438: 2427:Blumenthal, P., 2425: 2419: 2413: 2407: 2392: 2386: 2383: 2377: 2360: 2354: 2341: 2335: 2334: 2332: 2331: 2325:Transparency.org 2317: 2311: 2310: 2308: 2307: 2292: 2286: 2285: 2283: 2282: 2273:. Archived from 2267: 2261: 2251: 2245: 2239: 2233: 2223: 2217: 2207: 2201: 2185: 2179: 2169: 2163: 2153: 2147: 2137: 2131: 2117: 2111: 2092: 2086: 2069: 2060: 2048: 2037: 2025: 2019: 2018: 2010: 2004: 2003: 1991: 1985: 1984: 1972: 1966: 1965: 1953: 1947: 1941: 1935: 1928: 1922: 1916:Access All Areas 1912: 1906: 1905: 1871: 1854: 1853: 1845: 1839: 1838: 1836: 1827: 1821: 1820: 1818: 1809: 1803: 1802: 1800: 1791: 1785: 1778: 1772: 1771: 1770:(Press release). 1759: 1753: 1752: 1750: 1748: 1733: 1727: 1726: 1724: 1722: 1707: 1701: 1700: 1693: 1687: 1686: 1684: 1667:. 65(C): 17–32. 1662: 1653: 1642: 1641: 1633: 1622: 1621: 1619: 1593: 1584: 1575: 1574: 1558: 1552: 1545: 1539: 1538: 1521: 1515: 1514: 1497:(7): 3731–3748. 1482: 1476: 1460: 1454: 1442: 1436: 1435: 1425: 1393: 1387: 1386: 1378: 1372: 1371: 1369: 1367: 1355: 1205:, Gary Lynch at 1126:lobbied for the 832: 829: 826: 823: 820: 812: 809: 806: 803: 800: 767: 765: 759: 758: 738:a land developer 730:much controversy 636:Martin Bangemann 555:Peter Sutherland 528:Access All Areas 485:EU Commissioners 311:Staff Regulation 295:Staff Regulation 27:Term in politics 21: 3218: 3217: 3213: 3212: 3211: 3209: 3208: 3207: 3143: 3142: 3086: 3054:Global Networks 3017:Global Networks 2981: 2979:Further reading 2976: 2967: 2960: 2951: 2944: 2935: 2931: 2922: 2918: 2904: 2903: 2899: 2890: 2888: 2879: 2878: 2869: 2860: 2858: 2841: 2840: 2836: 2819: 2813: 2811: 2802: 2801: 2797: 2788: 2786: 2777: 2776: 2772: 2763: 2761: 2752: 2751: 2744: 2735: 2733: 2725: 2724: 2717: 2708: 2706: 2698: 2697: 2693: 2684: 2682: 2673: 2672: 2668: 2659: 2657: 2649: 2648: 2644: 2635: 2633: 2625:Ghosh, Palash. 2624: 2623: 2619: 2610: 2608: 2601:Financial Times 2592: 2591: 2587: 2578: 2576: 2567: 2566: 2559: 2545: 2544: 2535: 2521: 2520: 2516: 2508: 2504: 2492: 2488: 2468: 2464: 2459:Wayback Machine 2446:Matthew Tully, 2445: 2441: 2426: 2422: 2414: 2410: 2393: 2389: 2384: 2380: 2371:Wayback Machine 2361: 2357: 2351:Wayback Machine 2342: 2338: 2329: 2327: 2319: 2318: 2314: 2305: 2303: 2302:. 25 March 2023 2300:RadioNewZealand 2294: 2293: 2289: 2280: 2278: 2269: 2268: 2264: 2252: 2248: 2240: 2236: 2224: 2220: 2208: 2204: 2197:The Japan Times 2186: 2182: 2170: 2166: 2154: 2150: 2138: 2134: 2128:Wayback Machine 2118: 2114: 2093: 2089: 2070: 2063: 2056:The Japan Times 2049: 2040: 2033:The Japan Times 2026: 2022: 2016: 2011: 2007: 1993: 1992: 1988: 1974: 1973: 1969: 1955: 1954: 1950: 1942: 1938: 1932:Financial Times 1929: 1925: 1918:. Available at 1913: 1909: 1894: 1873: 1872: 1857: 1847: 1846: 1842: 1834: 1829: 1828: 1824: 1816: 1811: 1810: 1806: 1798: 1793: 1792: 1788: 1779: 1775: 1761: 1760: 1756: 1746: 1744: 1735: 1734: 1730: 1720: 1718: 1709: 1708: 1704: 1695: 1694: 1690: 1660: 1655: 1654: 1645: 1635: 1634: 1625: 1591: 1586: 1585: 1578: 1560: 1559: 1555: 1546: 1542: 1523: 1522: 1518: 1484: 1483: 1479: 1470:Wayback Machine 1461: 1457: 1443: 1439: 1395: 1394: 1390: 1380: 1379: 1375: 1365: 1363: 1357: 1356: 1352: 1348: 1299: 1275:too-big-to-fail 1223:subprime crisis 1219: 1207:Bank of America 1187:general counsel 1174: 1043: 1037: 1020: 1014: 971: 966: 960: 941: 920: 851: 830: 827: 824: 821: 810: 807: 804: 801: 779: 753: 750: 718: 706: 632: 584:Internal Market 541: 481: 469:financial lobby 433:Code of conduct 418: 360:Code of conduct 344: 291: 283: 262:in Australia's 249: 237: 228:insider trading 185:too-big-to-fail 168: 114: 97: 35: 28: 23: 22: 15: 12: 11: 5: 3216: 3214: 3206: 3205: 3200: 3195: 3190: 3185: 3180: 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