Tuesday, 26 July 2016
Last updated 9 hours ago
Aug 4 2014 | 9:13am ET
Former U.S. House of Representatives Majority Leader Eric Cantor resigned from Congress last week, ostensibly to give the man who defeated him in a June primary “a voice in what will be a very consequential lame-duck session.” But he may have had less altruistic reasons for quitting.
Politico reports that the Virginia Republican’s exit before the end of his term will not only give his presumptive successor, economics professor David Brat, a head start, but will give Cantor himself a head-start on the one-year period during which he is barred from lobbying and—perhaps more importantly—will relieve him of the obligation to report with whom he is talking about his future.
According to Politico, Cantor is leaning towards Wall Street over K Street and taking most seriously opportunities in banking or alternative investments. The website notes that since his shocking primary defeat, Cantor has spent most of his summer in the Hamptons, where he’s likely to have been rubbing shoulders with the financial elite.
Cantor has long been a close ally of Wall Street on Capitol Hill. His successor as majority leader, Rep. Kevin McCarthy (R-Calif.) noted that Cantor “knows financial markets well.”