A "revolving door" of officials leaving government agencies to work in the private sector is harming the ability of regulators to enforce rules and protect the financial system, a former chairman of the Commodity Futures Trading Commission said yesterday. Brooksley Born, who headed the CFTC in the mid 90s and issued warnings that after the financial crisis became recognized as prescient, said there should be time limits on government agency staff joining the private sector. "I think there should be a rule that for the first ten years you do not go to the industry. I saw too many of the staff leave to go to law firms representing the industry we were regulating." Born was speaking at an event organized by Public Citizen, the public advocacy group. She was sharing a panel with Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program. Her comments came a day after former SEC Chairman Mary Schapiro announced she would be jointing Promontory Financial
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