Elizabeth Warren slams Eric Cantor and ‘revolving door’ linking Congress to Wall Street
Sen. Elizabeth Warren (D-MA) shook her head in frustration regarding former House Majority Leader Eric Cantor’s (R-VA) quick departure for a job on Wall Street in an interview with Katie Couric posted on Wednesday by Yahoo News.
“This is wrong,” Warren told Couric. “People work in Washington and, man, they hit that revolving door with a speed that would blind you and head straight out into the industry, not because they bring great expertise or insight, but because they’re selling access back in to their former colleagues, who are still writing policy, who are still making laws.”
The Washington Post reported that Cantor took a position as vice chairman for Moelis & Co., a New York-based investment firm. He is set to make at least $400,000 in base salary both this year and in 2015. The firm is also reportedly opening a Washington D.C. office soon.
Cantor resigned from the House last month, just under two months after he lost the Republican primary in his home district to Tea Party conservative Dave Brat. At the time, Cantor said he was leaving office early to give his successor the chance to “have a voice in what will be a very consequential lame-duck session.”
But on Wednesday, Warren called this kind of move a fundamentally wrong approach for legislators to follow.
“It worries me about what happens if people in government are looking for that next job [and saying], ‘Yeah, I’m working now, not as much money as I could be making, but when I leave here that’s where I’m headed,'” she explained. “That ultimately infects whatever it is that they’re doing. I just think this is wrong.”
Couric then asked Warren if she felt former Secretary of State Hillary Clinton was “too cozy” with Wall Street interests.
“I know you’ve disagreed with her in the past on issues like bankruptcy legislation,” Couric said.
“I worry a lot about the relationship between all of them — regulators, government and Wall Street,” Warren replied.
“What about Hillary Clinton in particular?” Couric asked again.
“I worry across the board,” Warren said. “And here’s part of why: we’ve got a Washington now that works for anybody who can hire armies of lobbyists and lawyers, and it doesn’t work for regular families.”
Watch Warren’s interview with Couric, as published on Wednesday, below.