October 3, 2016

REGULATORY CAPTURE: Half of ex-insurance commissioners went to work for industry.

That’s according to a Center for Public Integrity investigation, which tracked career moves between 2006 and 2016. Of 109 commissioners who left their posts, 55 of them ended up working for the insurance industry.

The investigation also details some of the cozy relationships between the regulators and the companies they worked to regulate — from sharing fancy dinners and drinks to commissioners receiving industry campaign contributions.

“A lot of commissioners don’t want to alienate the industry,” says Sally McCarty, an ex-Indiana commissioner. “Many people consider the job an audition for a better-paying job.”

Here’s yet another area where Glenn’s revolving door surtax would do us some good.

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