Judd Gregg Joins Goldman Sachs as International Advisor After Banking Committee Role

Goldman Sachs announced the appointment of former Senator Judd Gregg (R-NH) as an international advisor to the firm, making him one of 17 such advisors providing strategic counsel to Goldman’s executives and clients. Gregg had served three terms in the U.S. Senate from 1993 to 2011, serving as ranking Republican member on the Appropriations Committee, Banking Committee, and Health, Education, Labor and Pensions Committee. His Banking Committee position gave him direct oversight of Goldman Sachs and the broader financial sector, making his transition to Goldman particularly emblematic of regulatory capture.

Banking Committee to Goldman Sachs

During his Senate tenure, Gregg consistently advocated for financial deregulation and opposed increased oversight of Wall Street institutions. He served on the Banking Committee during the 2008 financial crisis, when Goldman Sachs received $10 billion in TARP bailout funds and an additional $12.9 billion through the AIG bailout. Gregg supported these taxpayer-funded rescues while simultaneously opposing stricter regulations on the institutions receiving aid. His voting record aligned closely with Wall Street interests, making him an attractive hire for Goldman Sachs, which sought advisors who could navigate Washington’s regulatory environment and provide intelligence on congressional dynamics.

Strategic Advice and Lobbying Connections

While Gregg’s role as “international advisor” nominally focused on providing strategic counsel rather than direct lobbying, the distinction proved largely semantic. Goldman Sachs actively lobbied Congress on tax issues, securities regulation, and financial reform—precisely the policy areas where Gregg possessed expertise. The firm was a member of the Managed Funds Association, which lobbied against financial speculation taxes and other Wall Street reforms. Gregg’s appointment allowed Goldman to benefit from his congressional relationships and insider knowledge without triggering technical lobbying registration requirements. His compensation—while not publicly disclosed—likely exceeded his $174,000 Senate salary by a substantial margin, typical for such positions.

SIFMA Leadership and Continued Wall Street Service

Gregg’s Goldman Sachs role proved to be a stepping stone to even more direct Wall Street lobbying. In May 2013, just two years after joining Goldman, Gregg was named CEO of the Securities Industry and Financial Markets Association (SIFMA)—Wall Street’s primary lobbying organization. SIFMA represents the interests of banks, asset managers, and securities firms in Washington, directly lobbying Congress and regulatory agencies on financial legislation. His progression from Banking Committee member to Goldman advisor to Wall Street’s chief lobbyist exemplified the seamless pipeline between financial regulation and financial industry employment.

Significance

Gregg’s trajectory from Senate Banking Committee to Goldman Sachs to Wall Street’s chief lobbying organization illustrated how the revolving door functions as a systematic transfer of regulatory knowledge to regulated industries. His case demonstrated that “international advisor” titles served as euphemisms for influence-peddling, allowing firms to purchase access to former regulators without the stigma of direct lobbying labels. The timing of his Goldman appointment—just months after leaving the Senate—suggested pre-existing relationships cultivated while he still wielded regulatory authority. Gregg’s career path revealed how Wall Street institutions strategically recruit former lawmakers not just for their expertise, but for their ability to anticipate regulatory changes and help clients avoid or weaken oversight. His eventual ascension to SIFMA’s leadership showed that initial advisory roles often served as auditions for more prominent industry positions, with former senators gradually becoming fully integrated into the financial sector’s lobbying apparatus.