Elizabeth Warren unveils anti-corruption legislation

Sen. Elizabeth Warren on Tuesday introduced what she describes as the most ambitious anti-corruption legislation since Watergate, dubbing the the current administration the most “nakedly corrupt” in Americans’ lifetimes, but claiming the problem is much bigger than President Trump. 

“The problem is far bigger than Trump. And the way I see it this loss of faith this broad and more profound…is a crisis, a crisis of faith,” the Massachusetts Democrat said in a speech at the National Press Club.

Warren’s Anti-Corruption and Public Integrity Act — unlikely to receive the approval of Republicans in Congress — aims to nix the influence of big money in politics by, among other things, reforming the so-called “revolving door” between politics and the private sector and limiting lobbying. 

Specifically, the legislation would “padlock” the revolving door in Washington by placing a lifetime ban on lobbying by former members of Congress, presidents and agency heads. The legislation would also expand the definition of who is a lobbyist to anyone who spends any time attempting to influence government. 

The proposal would also prohibit the world’s largest companies, something defined by a company’s annual revenue or market capitalization, from hiring or paying any former senior government official for four years after they leave government — likely one of the most controversial proposals among Republicans, as it restricts private companies, rather than individuals. Former senior officials would also have to file income disclosures for four years after federal employment. 

Warren’s legislation would also ban members of Congress, Cabinet secretaries, federal judges and other top government officials from owning and trading stocks. Currently, members simply need to disclose their stocks and trades. 

The legislation would also require the vice president and president to place any conflicted assets, including businesses into a blind trust to be sold off. And all senior government officials and White House employees would have to divest from any privately owned assets that could lead to conflicts of interest, including large companies and commercial real estate. 

Further, the bill would create an entirely new office designed to police public corruption, called the Office of the Public Integrity, to strengthen enforcement and investigate possible violations. 

The bill proposes a year-long transition before any of the changes would go into effect. 

Warren, viewed as a possible Democratic contender for 2020, said her proposals will force all elected officials to change some of their behaviors — “including me,” she said.

The Massachusetts senator said she realizes some of the proposals won’t be popular with her friends, and many will call her naive, suggesting her legislation will never pass.

“Our country has responded to deep corruption with bold action before,” she said.