Giant market-dominant companies like Facebook, Pfizer, and Comcast strategically hire senior government officials who can leverage their contacts for corporate gain. If we want to root out Washington corruption, that must end—and I've got a plan. elizabethwarren.com/plans/break-mo…
Two years after serving as George W. Bush’s Deputy Chief of Staff for Policy, Joel Kaplan was hired by Facebook as its Vice President for US Public Policy. Since he was hired, Facebook spent over $71 million on lobbying—nearly 100 times what it had spent before Kaplan joined.
Facebook is now spending millions on lobbying amid antitrust scrutiny—and Kaplan is flexing his DC rolodex to help Mark Zuckerbeg wage a closed-door charm offensive with Republican lawmakers.
It's not just Facebook. Giant corporations regularly hire people from their government regulators to leverage their connections and use the allure of future jobs to get favorable treatment. It’s no wonder these companies have consolidated power without any real accountability.
Giant corporations shouldn't be able to rig the system by scooping up government officials to get favorable treatment. I'll ban giant federal contractors, banks, and market-dominant companies from hiring senior government officials for at least four years after they leave office.
If giant corporations violate these rules, they will have to pay up: 1% of net profits for the first violation, 2% for the second, and 5% for any subsequent violation. For a company like Facebook, that could mean over $1 billion.
Executives have made it clear they're ready to “go to the mat” to fight, but that’s not how our economy or our democracy is supposed to work. Together, we’ll close the revolving door and break the grip of giant corporations on our economy and our government.
