Vic Fazio

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Vic Fazio is a former member of Congress (1979-1999), Chairman of the Democratic Caucus, and Chairman of the Democratic Congressional Campaign Committee. He works as a corporate lobbyist. He has lobbied for AT&T, Corrections Corporation of America, Archer Daniels Midland, Shell Oil, Blumberg Capital, the Private Equity Growth Capital Council, Dow Chemical, the U.S. Chamber of Commerce Institute for Legal Reform, and Waste Management.[1]

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."

Fazio is on the board of Fix the Debt’s parent organization, the Committee for a Responsible Federal Budget (CRFB), and is listed as being on the Steering Committee of the Campaign to Fix the Debt.[2]

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.


Undisclosed Conflicts of Interest

Fazio works for Akin Gump, where he has lobbied against HR 2834, Rep. Sander Levin’s bill to tax private equity and hedge fund income at higher regular rates rather than at the 15 percent capital gains rate. The finance industry has fiercely fought this effort, despite its vague commitment to raising "revenue" in campaigns such as Fix the Debt. In this "carried interest" tax rate battle, Fazio has represented the Private Equity Growth Capital Council[3] and private equity firms KKR and Apollo Advisers (now Apollo Global Management). Akin Gump also lobbied on behalf of many corporations on tax and appropriations issues including KKR[4] and Private Equity Growth Capital Council[5] on tax reform and issues affecting private equity.

Fazio is also on the board of directors of Northrop Grumman (annual compensation of $304,347 in 2011[6]),[7] a major defense contractor and funder of ALEC that would benefit from the corporate tax rate cut proposed by Fix the Debt; of insurance company W. R. Berkley Corporation’s Peyton Street Independent Financial Services; and of Fix the Debt’s parent organization, the Peterson-funded Committee for a Responsible Federal Budget.[8] Northrop Grumman companies received $9.5 billion in Department of Defense contracts in 2012, making it one of the top 10 corporate recipients of defense contracts in 2012.[9] It lobbied on defense spending and tax credit issues in the third quarter of 2012.[10]

Other Affiliations

Resources and Articles

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References

  1. Center for Responsive Politics, Fazio, Vic, OpenSecrets.org, lobbyist profile, accessed January 2013.
  2. Fix the Debt, CEO Fiscal Leadership Council, organizational document, accessed January 2013.
  3. Center for Responsive Politics, "Lobbying Spending Database-Private Equity Growth Capital Council", OpenSecrets, accessed January 1, 2013.
  4. Akin Gump Strauss Hauer & Feld, Lobbying Report, lobbying firm lobbying report filed with U.S. Congress for client Kohlberg Kravis Roberts & Company, July 1 - September 30, 2012.
  5. Akin Gump Strauss Hauer & Feld, Lobbying Report, lobbying firm lobbying report filed with U.S. Congress for client Private Equity Growth Capital Council, July 1 - September 30, 2012.
  6. Northrop Grumman, Schedule 14A Proxy Statement, corporate Securities and Exchange Commission filing, April 16, 2012, p. 21.
  7. Northrop Grumman, "Vic Fazio", organizational website, accessed January 1, 2013.
  8. Peter G. Peterson Foundation, "Bipartisan Policy Center, Inc.", organizational website, accessed January 1, 2013.
  9. Prime Award Spending Data FY 2012 Department of Defense By Prime Awardee, USASpending.gov, U.S. government spending website, accessed January 2013.
  10. Northrop Grumman Corporation, Lobbying Report, corporate lobbying report filed with U.S. Congress, July 1 - September 30, 2012.