Republican Comes Aboard at ICI
Rep. Michael G. Oxley (R-Ohio) apparently got what he wanted: a prominent Republican at the Investment Company Institute, which represents the mutual fund industry.</br></br>My colleagues Jim VandeHei and Kathleen Day reported earlier this year that congressional and industry sources said Oxley, who chairs the House Financial Services Committee, and members of his staff were pressuring ICI to replace Democrat Julie Domenick with a Republican as its top lobbyist or hire a Republican to work with her. At the time, Oxley was ramping up an investigation into whether mutual funds overcharge customers and provide enough information to investors.</br></br>The effort also was part of a larger campaign by Republicans -- now that the White House and both chambers of Congress are controlled by the GOP -- to persuade trade groups and companies to hire Republicans for their top lobbying jobs.</br></br>ICI did resist the pressure -- somewhat. The group did not oust Domenick, who has strong ties to Rep. John D. Dingell (D-Mich.) and is the group's executive vice president. But ICI did hire a Republican recently, Daniel Crowley, general counsel to then-House Speaker Newt Gingrich (R-Ga.).</br></br>Tellingly, Crowley, who was vice president and managing director of the government relations office of Nasdaq Stock Market Inc., was hired as chief government affairs officer to "lead a team of professionals in representing Institute views and policies," according to an ICI release. ICI said Crowley will report to ICI President Matthew P. Fink and Domenick. Crowley starts June 16. Asked whether ICI was signing on Crowley because of Oxley, ICI spokeswoman Elizabeth Powell said Crowley was hired because of his experience with the securities market and "his experience on the Hill." "Dan will lead a talented group of dedicated professionals and we are delighted that he will join us in this key position," Domenick said in the release.