» This Story:Read +| Comments

Barney Frank rebukes House committee staffer who became lobbyist

Rep. Barney Frank chairs the Financial Services Committee.
Rep. Barney Frank chairs the Financial Services Committee. (Elise Amendola/associated Press)
  Enlarge Photo    
Discussion Policy
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Washington Post Staff Writer
Friday, April 2, 2010

House Financial Services Committee Chairman Barney Frank (D-Mass.) issued a rare rebuke on Thursday to a former staffer who became a lobbyist for a major financial company with interests before the committee.

This Story

Peter Roberson joined Intercontinental Exchange as a lobbyist in February after spending nearly three years on the staff of the committee. As a staff member, he worked on financial reform legislation that would for the first time regulate the massive market for exotic financial instruments known as derivatives.

Intercontinental Exchange is a dominant player in electronic trading and could benefit from the proposed overhaul of the derivatives market. The Atlanta-based company runs clearinghouses and exchanges that could become the destination for most trading in derivatives once the legislation passes.

An individual who answered the phone listed for Peter Roberson hung up. A spokesman for the company said Roberson was unavailable for comment.

Frank on Thursday banned contact between his staffers and Roberson. "I share the unhappiness of people at this, and my intention [is] to prohibit any contact between him and members of the staff for as long as I have any control over the matter," Frank said in a statement.

Frank said he told Roberson he was disappointed when Roberson disclosed his discussions with the company. Frank said he removed him from the committee at that time.

Roberson, who previously worked for a bond association, will still be able to lobby the Senate, where lawmakers are working on derivatives legislation. The House version has already passed.

Roberson is part of a new Washington presence for Intercontinental Exchange. The company has also hired as a lobbyist Alex Albert, a former chief of staff to former senator Zell Miller (D-Ga.).

» This Story:Read +| Comments

More in Business

Time Space Economy

Time Space Economy

Explore economy news through text and photos from around the world.

WashBiz Blog

Local Companies

Post editors and writers keep you informed about the region's business community.

Economy Watch

Economy Watch

Stay updated with the latest breaking news about the financial crisis.

© 2010 The Washington Post Company