February 14, 2024

Warren Secures Unprecedented Ethics Commitments from OECD Ambassador Nominee; former Congressman Sean Patrick Maloney Pledges Not to Work for Crypto Firms for Four Years After Government Service

Congressman Maloney: “Following the conclusion of my tenure as Ambassador to the OECD, for four years I will not accept employment, board service, or compensation from any company or organization primarily engaged within the cryptocurrency or digital assets industry.”

Text of Letter (PDF)

Washington, D.C.  – Today, U.S. Senator Elizabeth Warren (D-Mass.) announced that she secured unprecedented ethics commitments from former Congressman Sean Patrick Maloney, President Biden's nominee for U.S. ambassador to the Organisation for Economic Co-operation and Development (OECD). If confirmed, Congressman Maloney has agreed to: 

  • Immediately resign from all private sector advising work,
  • Recuse himself from all matters involving the companies he has had a previous working relationship with since leaving Congress for four years (two years more than the Biden-Harris administration’s ethics pledge) and not to seek a waiver from these recusals,
  • Recuse himself from participating in the OECD’s decision making processes regarding crypto and digital assets policy, including the Crypto-Asset Reporting Framework, and
  • Not accept employment, board service, or compensation from any company or organization engaged primarily in crypto or digital assets in the four years following the conclusion of his tenure as OECD Ambassador. 

These commitments are among the strongest ethics standards ever secured by Senator Warren from a political appointee, and will help close the revolving door between crypto companies and the federal government. 

Senator Warren has worked to ensure stronger ethics standards for federal employees—especially those that close the revolving door between public and private employment—to prevent corporate influence over government institutions. She has secured historic ethics commitments from multiple top government officials: 

  • In August 2023, Senator Warren announced that she secured historic ethics commitments from Dr. Monica Bertagnolli, then nominee for the director of  the National Institutes of Health (NIH). Dr. Bertagnolli agreed to recuse herself from matters which relate to her work as NIH Director for four years, not to seek a waiver from these recusals, and not to seek employment or compensation from giant pharmaceutical companies for four years after leaving government service. These commitments are the strongest ethics standards ever secured for an NIH Director nominee. 
  • In July 2023, at a hearing of the Senate Armed Services Committee, Senator Warren secured ethics commitments from General Charles Q. Brown, Jr., then President Biden’s nominee to be the next Chairman of the Joint Chiefs of Staff. When asked if he would agree not to become a defense industry lobbyist or receive compensation from a defense contractor for four years General Brown said he did not “intend to pursue opportunities in the defense sector or a lobbyist upon retirement from military service.”
  • In June 2023, Senator Warren announced that she secured another historic ethics commitment from Federal Reserve Board nominee Dr. Adrianna Kugler, the same one that she previously secured from Vice Chair for Supervision Michael Barr, Dr. Lisa Jefferson, and Dr. Phillip Cook. These nominees’ ethics commitments – to a four year recusal period from matters which they oversee on the Board of Governors, not to seek a waiver from these recusals, and not to seek employment or compensation from financial services companies for four year after leaving government service – are the strongest ethics standards in the history of the Fed.
  • In May 2022, Senator Warren secured a commitment from then-Federal Reserve Vice Chair for Supervision nominee Michael Barr not to seek employment or compensation – including as a result of board service – from any company that has a matter before the Fed, or any financial services company, for four years after he leaves government service.
  • In February 2022, Senator Warren secured the strongest ethics standards ever agreed to by Federal Reserve Board nominees from Lisa Cook, Phillip Jefferson, and Sarah Bloom Raskin. The nominees agreed to a four year recusal period from matters which they oversee on the Board of Governors, not to seek a waiver from these recusals, and not to seek employment or compensation from financial services companies for four years after leaving government service.
  • In January 2022, Senator Warren secured a commitment from then-FDA Commissioner nominee Dr. Robert Califf to recuse himself from matters involving his former employers and clients for four years, two years longer than what is required in the Biden administration’s Ethics Pledge. He also agreed not to seek employment with or compensation from, including as a result of board service, any pharmaceutical or medical device company that he interacts with during his tenure as FDA Commissioner for four years after completing his government service. 
  • In January 2021, Senator Warren secured ethics commitments from General Lloyd Austin, then-nominee for Secretary of Defense, to extend his recusal from Raytheon Technologies for four years and to not seek a position on the board of a defense contractor or become a lobbyist after his government service.
  • In July 2021, Senator Warren secured commitments from then-Air Force secretary nominee Frank Kendall and then-Under Secretary of Defense for Research and Engineering nominee Heidi Shyu, to recuse themselves from matters on former clients for four years.
  • In July 2021, a bipartisan group of Senate Armed Service Committee members adopted Senator Warren’s amendment to raise the recusal standard for Department of Defense employees. Under her amendment, Pentagon officials are prohibited from participating in matters that affect the financial interests of their former employer, former clients, or former direct competitors for four years. The amendment was included in the National Defense Authorization Act for fiscal year 2022.
    • In January 2022, the Department of Defense issued an advisory interpreting Senator Warren's recusal standard.
  • In May 2019, Senator Elizabeth Warren introduced The Department of Defense Ethics and Anti-Corruption Act, legislation to limit the influence of contractors on the military, constrain foreign influence on retired senior military officers, and assert greater transparency over contractors and their interaction with the Department of Defense.

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