Tuesday, January 05, 2010

Dorgan to Step Down from Senate

Senator Byron Dorgan voted against Gramm-Leach-Bliley, delivering a prophetic warning on loosening regulations on commercial banks. It came true in September 2008. Financial reform won't come close to restoring Glass-Steagall protections. A Senior Treasury official recently said:

“I think going back to Glass-Steagall would be like going back to the Walkman.”

Despite committing to reelection, Dorgan reversed course, throwing a slim Democratic Senate super majority into question. Byron listed many interests he wishes to pursue. One is working on energy policy in the private sector.

It will be interesting to see where he lands in that role. Will he follow John Breaux or Trent Lott into lobbying? Might he end up with an energy oriented private equity underwriter (PEU) or an American branded multinational? Time will tell.

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