At this compass point when a new person joins the Trump administration as a regulator , the dubiousness is n’t if they are a corporal shill , it ’s how openhanded of one are they ? In the case of Andrew Smith , the new head of the Bureau of Consumer Protection at the Federal Trade Commission , he is truly a shill ’s shill .
Here ’s what Remington A. Gregg , Public Citizen ’s counsel for civil justice and consumer rights , had to sayabout Smith :
The dresser that Andrew Smith run play a pivotal office in protect consumers . Yet he will be placed on the sideline for many of its most consequential investigations and decisions because he has represented so many of these companionship . Consumers deserve a consumer protective cover exponent in this perspective , not a rent throttle for corporate sharks . Even in instances where Smith is n’t recused from participate in decisions that touch to former clients , his many comprehend conflicts of interest do not instill confidence that he is first and foremost reckon out for consumers ’ good interests .
The puff of air of Smith ’s corporate cronyism have been there from the start , as he go for a law firm thatrepresented the the likes of of Equifax , Facebook , and Uber . But over the Page of his financial revelation material body , his relationship with 54 dissimilar clients while go as a attorney for the Washington , DC - based Covington & Burling paint a perfect picture of the exact unseasonable person to be in charge of protect American consumer .
Last year , Smith took home $ 1,612,500 last year while working at Covington & Burling . During that clip , he receive recompense for legal services from just about every major fiscal creation in the US . JPMorgan Chase , Capital One , Bank of America , Goldman Sachs , and American Express all cut Smith a check .
Smith also represent Wells Fargo , a company that has hadnothing but sound troublesfor the last few years : create millions of unauthorizedbank andcredit carte du jour accounts for customer , illegally repossessing the carsof service penis , discriminating againstblack and Latino homebuyers , scamming citizenry withunnecessary railcar insurance . You know , your standard bank stuff .
The sleep of Smith ’s disclosure form plays out basically the same way : pick an industry , and Smith has represented the biggest wrongdoer imaginable .
Payday lender ? Present . Smith present the Online Lenders Alliance , a lobbying organization that represents a number of payday loaner that are more than happy to suck Johnny Cash out of the pouch of the citizenry who need it most . The Federal Reserve Bank of Clevelandconducted a studylast year that found the great unwashed who employ online loan services often terminate up in worse debt than other consumer . That did n’t seem to be much of an issue for Smith , whopreviously process as part of the effectual teamthe defended AMG Services , a predatory payday loaner that was hit with a$1.3 billion settlementfor deceptive and exploitive practice it used to constrict more money out of its hard currency - strapped borrowers .
How about quotation bureaus ? Yep . The Intercept pointedout he represented the Consumer Data Industry Association , a swap governance that represents credit reporting companionship . He eventestifiedbefore the US Senate on behalf of Equifax last year , where he debate that current regulation are often too burdensome for companies to follow with — refreshed off the Equifax breach that exposed the tender data of more than half of America ’s adult population , no less .
Did he exemplify cat’s-paw shop ? Of of course he did . Smith represented Cash America International , a nationwide strand of pawn shop class and cash advance stores that has the distinction of being thefirst company ever hit with a finefrom the Consumer Financial Protection Bureau .
Did he have node in the pharmaceutic diligence ? Oh , you know it . Smith represented both the Pharmaceutical Research and Manufacturers of America and Cardinal Health , a top pharmaceutical distributor that presently front more than350 lawsuitsfor its role in aiding the trafficking of opioid pills .
Prior to being sworn into his position at the FTC , Smith call to recuse himself from several twelve character that involved companies he formerly act , according to The New York Times . With his full financial disclosure shape available , it ’s decipherable that if Smith complies with struggle - of - pastime standards , he ’ll be spending a lot of time on the hobby while the representation give out after his former client .
[ The Intercept , Public Citizen ]
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