Revolving Door

President Biden has hired several Big Oil consultants and insiders to staff the executive branch amid growing calls for federal climate action.

New financial disclosure filings reveal that Elizabeth Rosenberg, Biden’s pick for Assistant Secretary of the Treasury for Terrorist Financing, was a consultant for ExxonMobil and a Big Oil-aligned corporate law firm.

Over the Juneteenth weekend, two different men in two different venues told the story of elite Washington in the early Biden era.

Asset management giant BlackRock most recently made the news for buying up huge tracts of U.S. housing stock to become, essentially, a massive corporate landlord at the expense of all the rest of us. (Seems like they are learning a thing or two from private equity firm Blackstone, to which they formerly belonged, which is infamous for its predatory and downright evil infiltration of the housing market.)

Just as a president shouldn’t only be judged on whether or not they started a war, Fed chairs shouldn’t only be judged on whether they raised or lowered interest rates. That’s their most salient power, but they have other, more complex ways of affecting our lives. Financial regulation is one of the most important of these, and it’s one on which current Fed chairman Jerome Powell has failed badly.

Leslie Caldwell, a top corporate criminal defense partner at BigLaw giant Latham & Watkins, is in the running for a U.S. Attorney job under Biden. Her record championing draconian anti-hacking laws and helping big corporations evade accountability for white-collar crimes should preclude her from any role in the Biden administration.

Michael Connor of WilmerHale has been appointed to run a surprisingly important agency in efforts to mitigate the climate crisis.

It’s hard to imagine a lawyer more conflicted on so much of the Treasury’s issue portfolio, and for such egregious reasons. A quick glance at MacBride’s own page on Davis Polk’s website is all it takes to see he cannot be trusted to act in the public’s interest.

The Revolving Door Project will be tracking these disclosures and flagging important revelations revealed by the OGE to ensure high level political appointees are not financially beholden to special interests they may regulate in government.

Shelanski, Obama’s second OIRA administrator, now represents monopolies like Facebook and Tyson Foods. His regulatory skepticism and disdain for the emerging antitrust movement would make him a disastrous pick for any role in the Biden administration.

According to the Washington Post, Biden is finally getting around to scratching the backs of his friends and allies. This carries weight in D.C. gossip circles, given how well-connected Biden is there. So who made the cut?

When there actually are odious, greedy bad guys stuffed away in a back-room scheming, it’s pretty good politics to bust it up and take credit for doing so. Just such a racket is happening right now in an obscure corner of the executive branch, and all it would take to end it is some muscle from the President and one of his most-praised appointees.

“Oh has chosen to spend over 20 years reinforcing a corrupt status quo in corporate America, in which the largest companies systematically evade democratic accountability. No one so comfortable with the breakdown in the rule of law over corporate America should be entrusted with responsibility for implementing long-overdue accountability on Wall Street.”

“Although the bar is low, Biden has proven to be the least captured and most public-oriented President of any of our lifetimes,” the Revolving Door Project wrote. “That said, Biden’s administration thus far is certainly not spotless.”

Despite pushback from progressives, Ricchetti has continued to hold a powerful advisory position in the Biden White House. His background in corporate lobbying and strong ties to the pharmaceutical industry are deeply troubling signs as the Biden Administration faces enormously consequential decisions about how to end the COVID-19 pandemic.