New York Post

Bankers running to cash in on politic$

- By KEVIN DUGAN kdugan@nypost.com

Let’s get rid of the lawyers in Washington — and bring in the bankers.

That’s the pitch from a Wall Street lobbying group that represents the $17 trillion banking industry, which said Tuesday it’s launching a program to “help bankers run for office.”

The training program — which will teach bankers everything from raising funds to kissing babies — is aimed at swelling banker ranks in elected state and federal positions, said Rob Nichols, chief executive of the American Bankers Associatio­n.

That, of course, is opposed to all of the high-level White House appointmen­ts bankers have seized at the US Treasury and elsewhere during the past several presidenti­al administra­tions — most recently Treasury Secretary Steve Mnuchin and National Economic Council Director Gary Cohn, both formerly of Goldman Sachs.

Goldman, of course, earned the nickname “Government Sachs” as it played a major role in precipitat­ing and profiting from the financial crisis of 2008.

“We are many years post-crisis,” Nichols told The Post, noting that lobbying groups for lawyers and real estate developers routinely push for their members to get a voice in Congress.

“We do understand and are very sensitive to, and cognizant of, the reputation­al challenges associated with our sector — we get all that, absolutely,” Nichols added. “We’re committed to safety and soundness in the banking sector.”

Bankers have been under-represente­d on Capitol Hill, with only 18 of 535 Congress members having banking experience, Nichols gripes.

The ABA has been pushing for more bankfriend­ly candidates for years, with a “grassroots” campaign aimed at getting bankers to build relationsh­ips with lawmakers.

“We think the ultimate in political engagement goes beyond building relationsh­ips with your lawmaker to actually becoming one,” Nicholas said.

The ABA training program — at the Loews Madison Hotel in Washington, DC, Sept. 13 to 15 — costs $850.

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