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From regulators to riches

By Laurie Bennett

August 12, 2014 at 9:25am

The revolving door turned quickly for Scott O’Malia.

A former legislative assistant to Senate Minority Leader McConnell, O’Malia was appointed in 2009 to the Commodity Futures Trading Commission, the federal agency monitoring derivatives markets. His term was to end in April 2015.

Scott O'Malia
Scott O’Malia

Last month he announced that he was stepping down. Two days later, the International Swaps & Derivatives Association, which represents the firms regulated by the commission, named O’Malia as its new chief executive officer. The appointment takes effect next week.

The group’s press release didn’t mention the new CEO’s salary, but it’s likely to be seven figures. O’Malia’s predecessor, Robert Pickel, made $1.8 million in 2012, according to the association’s most recent public tax returns.

O’Malia isn’t the one to find lucrative work after leaving the commission.

Bart Chilton, who also left the agency this year, is a senior policy adviser with the law firm DLA Piper. Michael Dunn is an adviser with lobby firm Patton Boggs.

Walter Lukken, chairman of the commission during the George W. Bush administration, is now president of the Futures Industry Association. In 2012, he was paid $960,000.

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