Donald Trump should sign an executive order prohibiting presidents, members of Congress and top
executive branch officials from conducting paid speeches for two years after leaving their posts.
Just take a look at former President Obama — next week he will have made $1.2 million on three speeches to finance firms.
That’s big bucks for being out of office for under a year. Obama has delivered several others but these three are getting some serious scrutiny.
President George W. Bush signed sweeping lobbying legislation to cut down on corruption in 2007 with the “Honest Leadership and Open Government Act”.
The law forced ex-senators and top executive branch officials to wait two years before they could lobby Congress after their Capitol Hill jobs ended. Former Representatives had to wait only one year.
At the time, rising star, Barack Obama, then a U.S. Senator, called it “the most sweeping ethics reform since Watergate.”
Trump should simply make an amendment to that rule and address the issue of huge speaking fees.
Doesn’t it seem a bit cozy that Obama is making more than most people make in a year during all these speeches to the finance sector? A little distance between the Oval Office and Wall Street could further put Americans at ease that the commander in chief and top staffers care more about Main Street than landing gigs once they depart.
How do we know that decisions made on the way out didn’t benefit the companies now cutting checks to top officials for doing little work in return?
Even Massachusetts U.S. Sen. Elizabeth Warren called Obama’s first paid speech troubling.
During the presidential election U.S. Sen. Bernie Sanders criticized Hillary Clinton’s bank account filled with six-figure checks from Wall Street.
It would appear Trump could get bipartisan support on such a law.
It won’t matter to him once he leaves office anyway since he’s a billionaire.
There’s plenty of other ways for former presidents can generate a lot cash. The Obamas signed a book deal north of $60 million. Certainly Penguin Random House could give a handsome advance while the pair pen their books.
With the kind of money Obama is raking in from investment firms it makes you wonder if it was all lip service when he claimed Wall Street wasn’t paying its “fair share.” They are certainly making up for it now.
Jaclyn Cashman is co-host of Herald’s Radio’s “Morning Meeting” show.
