MEP Paul Tang (S&D) starts, together with 56 NGOs, an action against the planned transfer of Adam Farkas to banking lobby firm AFME.
Tang: “Adam Farkas is the most important man of the European Banking Authority (EBA) and wants to use his knowledge and network to the benefit of the very banks that were under his direct supervision. Not only is this in blatant contradiction with EU legislation, it also undermines public faith in EU Institutions”.
That is why Tang and 56 European NGOs start a petition this Tuesday, calling on the EBA to annul the transfer of Farkas. Next Thursday, Paul Tang will confront the European Commission with this petition during the plenary meeting of the European Parliament in Strasbourg.
Recently it was revealed that, starting February, Mr Farkas will be CEO of AFME, the lobbying firm of over 180 European banks. This transfer contradicts article 16 of the European Staff Regulations, which forbids officials to lobby their former employer for a period of 12 months after leaving office. The European Commission is responsible for the enactment of the Staff Regulations.