Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.ibd From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: \TITLE Date: Tue, 10 Nov 92 12:43:39 EST Message-ID: <2.1992Nov10.124340@AmeriCast.com> 11/10/92 TITLE #m#gm#m#Washington Revolving Door Begins To Spin End Of Republicans' 12 Years Will Bring Sweeping Changes Investor's Business Daily News Services In Washington The biggest Washington employment shuffle in more than a decade is getting under way as top Republican bureaucrats depart and the Democratic faithful - locked out for the Reagan and Bush administrations - size up plum jobs. Yesterday, Timothy Ryan, a top Bush adminis- tration banking regulator who helped preside over the massive cleanup of the tarred savings and loan industry, announced he will step down as chief of the Office of Thrift Supervision. Wendy Gramm, chairwoman of the Commodity Futures Trading Commis- sion, said she plans to leave the futures industry regulatory agency in January. And David Mulford spent his last Timothy Ryan day as Treasury undersecretary for international affairs before joining CS First Boston Group Inc., where he will become vice chairman of First Boston Corp. in New York and deputy chairman of Credit Suisse First Boston Ltd. of London. Details of Ryan's resignation were disclosed early to the media, but Ryan was ex- pected to make a formal announcement in a speech to S&L execu- tives in San Diego.#m##m# Ryan, 47, will depart with two years of his term left to serve. An attorney, he has already said he will pursue unspecified business interests. Wendy Gramm Ryan was appointed chief of the federal agency that regulates the nation's thrifts in 1989, and oversaw the closing and sale of hundreds of failing or failed savings and loan associations. How- ever, the S&L cleanup has stalled because government funding ran out last spring. Gramm said she intended to complete deregulato- ry measures already in the works at the CFTC but planned no Washington Revolving Door Begins To Spin "grand midnight regulating" before President-elect Clinton's inauguration Jan. 20. "That's not good government. However, we're not going to stop working, either," Gramm told reporters after an address to the International Swap Dealers Association. Swaps are unconventional securities linked to stocks, bonds or commodities. They are used in hedging against unforeseen risks. A package of futures-market reforms passed by Congress last month will allow the CFTC to exempt unconventional financial products, like swaps, from regulation on a case-by-case basis until Congress completes a study of the $4 trillion market. Rules changes to implement the exemptions were proposed by the CFTC last week. Gramm, an economist Bush appointed to a five-year term in 1990, said she will leave the government but had no im- mediate plans. Jobs For Democrats Meanwhile, the promised land of government jobs is finally in sight for Democrats who have spent 12 years in the political Diaspora of think tanks, lobbying firms and college classrooms. But many of the party faithful may find the prospect of snaring a plum job illusory. "There's a big pent- up demand that far outweighs the supply," said Bob Beckel, a political analyst who worked in the Carter administration and was Walter Mondale's cam- paign manager in 1984. "The sad part is that there are very few jobs." "There are lots of Democrats who feel they've been in exile," said Leslie Dach, a Democratic strategist. "There are older Demo- crats who know this is their last chance and younger Democrats who think this could be their future." Besides the think-tank analysts and academics, there are congressional aides, campaign workers, special interest advocates, party loyalists, minorities, business contributors and old friends who are sending in resumes, picking up phones and knocking on doors. James Pfiffner, a George Mason University professor of government who has studied the presidential transition process, said that by May 1981, the new Reagan administration had 45,000 applications from job hope- fuls. "Every new administration is inundated by people who want to get on the bandwagon," he said. He said presidential appoint- ments will cover some 350 U.S. attorneys, marshals and ambassa- dors, plus another 660 jobs that need Senate approval. The president can also name about 1,500 to positions not needing Sen- ate approval, and government agencies will fill another 2,500 political posts. Youth should be an advantage in the jobs race, said Frank Mankiewicz, who was press secretary to the late Robert Kennedy and political director for the George McGovern campaign in 1972. "There are new problems, and there ought to be new peo- ple," he said. Mankiewicz, now a top executive with the public relations firm Hill and Knowlton, said he expected Clinton to follow the example of John F. Kennedy, who in 1961 brought a new generation to power rather than draw on those who had served in the Truman administration eight years earlier. Ties With Outsiders Many in the Carter administration have done well outside govern- ment and "don't want to be recycled" said Mankiewicz, who at 68 says he is among those not thinking about returning to government but "have an interest in helping the administration any way I can." Clinton will surely rely on such Washington insiders familiar with the machinations of national politics. But he also won the White House after years of building ties with mayors, governors and others from outside the capital, and non-Washingtonians are expected to command a fair share of the political prize. This article is copyright 1992 Investors Business Daily. Redis- tribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM