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Clinton Endorses Legislation Against “Golden Parachutes” For Government Service

Responding To Pressure From Progressives, Sec. Clinton Endorses Legislation Against "Golden Parachutes" For Government Service by Rootstrikers

Clinton deserves credit, must go further and make a personal commitment to banning controversial practice in any potential administration

Washington, DC — In a clear response to growing grassroots pressure, Sec. Hillary Clinton announced this morning that she “strongly supports” legislation that would slow down the revolving door between Wall Street and Washington and, among other things, ban “golden parachutes” for government positions.

Last week, eight progressive groups, including Rootstrikers, Democracy for America, CREDO Action, Political Action, Center for Popular Democracy Action, The Other 98%, Friends of the Earth Action, and American Family Voices, sent a letter to Secretary Clinton outlining concerns over two of her aides who had previously received “golden parachutes” – large bonuses for entering government service – from major Wall Street banks. In that letter, progressives noted that unlike her prominent competitors for the Democratic nomination, she had yet to endorse revolving door legislation sponsored by Sen. Tammy Baldwin and Rep. Elijah Cummings.

By endorsing this legislation, Clinton has shown that Democrats of all stripes can and should rally behind commonsense measures to rein in Wall Street’s influence. She deserves credit for acknowledging the concerns of Americans who feel like their voice is drowned out by the powerful and well-connected. Clinton’s endorsement is a clear sign of the growing momentum for bold action to crack down on Wall Street.

In addition to asking her to publicly endorse that legislation, however, the letter asked if Sec. Clinton would allow members of a potential administration to receive such bonuses. She has not yet firmly committed to implement a policy against golden parachutes in her administration if elected, regardless of the outcome of Sen. Baldwin’s legislation. Progressives will continue pressuring all candidates to make it absolutely clear where they stand.

“Secretary Clinton’s support of Sen. Baldwin’s bill is great news for anyone who wants to see Wall Street play by the same set of...