With Republicans now calling on the White House to come clean on information surrounding disgraced influence peddler Jack Abramoff, former SEC chairman Arthur Levitt Jr says it's time to introduce Sarbanes-Oxley-type legislation for Government.
The key is disclosure and addressing the all-too-obvious conflicts of interest. Levitt also proposes lowering the barriers to entry for political challengers.
But tougher rules for disclosure and independence are just a start. What's really needed is a change in the culture that has given lobbyists such power and succour. As with the disgraced corporations of recent years, it boils down to an obvious problem: how is that people in power have been allowed, even encouraged, to use public trust for private gain?
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