Quote of the Day

“You work for the banks, they pay you, and yet you’re supposed to represent the public interest. ... Consultants have a financial incentive to do things to attract repeat business.”

—U.S. Senator Sherrod Brown at a Senate Banking Committee hearing on the conflicts of interests of consultants who are paid both by federal bank regulatory agencies and the banks, according to an article in yesterday's New York Times.

This shows that at least one federal legislator does understand the concepts underlying the conflicts of interest that arise from government officials raising funds for campaigns. Brown recognizes that when you get money from banks and others overseen by the government, you have a conflict of interest because (1) you are taking money from those regulated while overseeing their regulation, and (2) you will do what is necessary to get "repeat business."

All he and his colleagues have to do is take the next step:  recognizing that what is true of consultants is equally true of legislators. That for legislators, "repeat business" means contributions to future campaigns. Then it becomes clear that public financing of elections is necessary to allow legislators (at every level) to be seen as representing only the public interest rather than also the interests of those who give them large campaign contributions.