Banking Committee Policy Advisor Scott Eckel: “I will begin work in my new role as Vice President, Legislative and Regulatory Affairs, at Charles Schwab & Co”
Just got this email.
From: Eckel, Scott
Sent: Wednesday, March 21, 2012 1:09 PM
Subject: New Opportunity
Friends and Colleagues —
Wanted to let you all know that this Friday will be my last day with Chairman Garrett and the Capital Markets Subcommittee. As of Monday, March 26th, I will begin work in my new role as Vice President, Legislative and Regulatory Affairs, at Charles Schwab & Co.
It has been a real privilege to work for Mr. Garrett and with all of you over the last three years, and I look forward to opportunities to continue working with you and keeping in touch in my new role.
My new contact information as of Monday is below.
e-mail: [email protected]
With warm regards,
Senior Policy Advisor
Chairman Scott Garrett
Subcommittee on Capital Markets and GSEs
2244 Rayburn HOB
Scott Garrett is the Chairman of one of the most powerful subcommittees in Congress – Capital Markets, which is part of the Financial Services Committee. This subcommittee handles Fannie and Freddie, banks, credit markets – roughly $10-20 trillion of assets and liabilities. Garrett is known as a close ally of Bank of America, and his legislative track record maps up nicely with that bank’s interests.
What’s striking about this email is not the corruption or brazenness of the language, but the very normal-ness of it. It’s routine. This is simply how it works. This is the career path. You go onto the Hill, you make policy for a time, and then you leave and join a company you used to oversee for a multiple of the salary you used to earn. In 2011, Eckel earned around $129,000, which makes him a “senior staffer” (a technical term which means he trips certain lobbying disclosure requirements). He’ll probably get 2-10 times what he earned in his new job.
And don’t worry, he’ll be in touch.