Disclosure Trove Shows Regulatory Capture

A large, public set of executive financial-disclosure records reveals systematic financial ties between senior appointees and industries they regulate, including permitted ongoing services and undisclosed former-client relationships. Concrete examples (e.g., a deputy defense secretary allowed to retain services from his former firm while overseeing related contracts) show how ethics waivers and incomplete divestments create governance blind spots. — If widespread, these documented ties raise the political and legal stakes for procurement integrity, recusal rules, and congressional oversight, and could reshape debates about appointing industry insiders to regulatory posts.