Frank Bars Staffer-Turned-Lobbyist From Contacting Committee

Posted April 1, 2010 at 12:16pm

House Financial Services Chairman Barney Frank (D-Mass.) blasted a former staffer Thursday for quitting the committee to go work for a firm directly affected by legislation that he helped to craft.

Frank said he insisted that Peter Roberson “take no further action” in his role as senior adviser to the committee when he first told the lawmaker of his job with Intercontinental Exchange Inc., which owns the world’s largest credit-default swap clearinghouse that would be governed a bill passed by the House in December.

“When Mr. Roberson was hired, it never occurred to me that he would jump so quickly from the committee staff to an industry that was being affected by the committee’s legislation,” Frank said in a statement.

Frank said current rules that prohibit Roberson from interacting with committee staffers for a year are not adequate, so he is taking matters a step further.

“I am therefore instructing the staff of the Financial Services Committee to have no contact whatsoever with Mr. Roberson on any matters involving financial regulation for as long as I am in charge of that committee staff,” Frank said.