June 29, 2012

Eric Cantor’s Aide Departs For Bank CEO Lobbying Group

Eric Cantor's Aide Departs For Bank CEO Lobbying GroupHouse Majority Leader Eric Cantor (R-VA) has led every major pro-bank legislative drive in recent years: He rallied supporters of the bank bailouts, killed efforts to cap banker bonuses, fought measures to allow those under foreclosure to renegotiate the terms of their mortgage, and marshaled opposition to the sweeping reforms known as Dodd-Frank. Now, a key member of his communications team, Laena Fallon, is moving to work even more directly for Wall Street.

The National Journal reports that Fallon is joining the Financial Services Forum, a “CEO-driven organization” that helps banks like Wells Fargo and Bank of America lobby Congress:

House Majority Leader Eric Cantor, R-Va., is losing another member of his communications team Communications Director Laena Fallon has been named vice president for communications for The Financial Services Forum, the forum announced on Friday. […]

“Laena brings to the Forum strong communication expertise, national media experience and a sophisticated understanding of Capitol Hill,” said Forum President and CEO Rob Nichols. “She will be an extraordinary asset for our members as we go about communicating the important role the financial sector plays in economic growth and job creation.”

The Financial Services Forum appears to specialize not only in helping CEOs, but hiring lobbyists from Capitol Hill after they have helped water down financial reforms. Courtney Geduldig, managing director of the firm, worked previously for Senator Bob Corker (R-TN), where she “played a key role in drafting and advising Senator Corker on the ‘Dodd-Frank Wall Street Reform and Consumer Protection Act.'” Corker, of course, negotiated on the bill in hopes of weakening key provisions.

Fallon’s career move demonstrates that shilling for banks as a public servant can lead to lucrative jobs on K Street.