WASHINGTON – U.S. Rep. Richard H. Baker on Tuesday announced his official decision to accept a job with the Managed Funds Association (MFA) and is making plans to resign his seat in Congress no later than February 6th, 2008.
“Serving the people of Louisiana for 37 years in public office has been a distinct honor and privilege. I have been extremely blessed to have had this opportunity. I am grateful to the people of Louisiana’s Sixth Congressional District for their support over the past 22 years and was always humbled by their trust in me to serve as their voice on Capitol Hill.
“While this decision was not an easy one, I look forward to this new opportunity. I also look forward to more time at home with my wife, Kay, and my family than I have had for the past two decades,” stated Rep. Baker.
Rep. Baker has served in elected office for 37 years. He was elected to the Louisiana House of Representatives in 1971 and served there for fifteen years. During that time, he served as Chairman of the House Committee on Transportation, Highways, and Public Works. In 1986, State Representative Richard Baker was elected to the United States Congress to represent Louisiana’s Sixth Congressional District.
As a senior member of the House of Representatives, Congressman Baker holds a leadership position on the House Transportation and Infrastructure Committee, where he serves as Ranking Member of the Subcommittee on Water Resources and the Environment, which, of particular importance to Louisiana, holds jurisdiction over the U.S. Army Corps of Engineers. Baker also serves as a longstanding member of the House Financial Services Committee, where he is widely viewed as an expert on capital markets, insurance, and housing finance.
Louisiana’s Sixth Congressional District represents all or parts of East Baton Rouge, Ascension, Livingston, Saint Helena, Point Coupee, West Baton Rouge, Iberville, East Feliciana and West Feliciana Parishes.
Here is the press release by Managed Funds Association regarding current Congressman Richard Baker:
WASHINGTON, D.C., January 15, 2008 --- Managed Funds Association (MFA), the primary trade association of the hedge fund industry, announced today that Representative Richard H. Baker (R-LA) will join the association as its new president and chief executive officer.
Congressman Baker succeeds John G. Gaine, who will move into a special advisor role and undertake the expansion of MFA’s global outreach with regulators, policymakers and market participants worldwide.
Congressman Baker, who has represented Louisiana’s sixth congressional district in the U.S. House of Representatives since 1986, is one of the most respected voices in Congress on financial services and capital markets issues. He has been a senior member of the House Financial Services Committee where he has played a leadership role on the many debates that have taken place in Washington in recent years and championed the objective of safety and soundness in financial industry regulations.
“We are extremely pleased that Congressman Baker has agreed to lead Managed Funds Association,” said Eric Vincent, MFA’s chairman. “Richard has extensive knowledge of and broad experience with financial services issues, including those affecting the alternative investment industry. His expertise in this area, coupled with his deep understanding of the impact of policy making on U.S. capital markets, investment advisers and investors, make him the ideal leader for our industry. We thank Jack Gaine for his ten years as president of MFA and are pleased he will continue to serve as a special advisor.”
Congressman Baker said, “I have been honored to represent the people of the Sixth District of Louisiana for almost 22 years. During my tenure, it was a privilege to have served on the House Financial Services Committee and to work with my colleagues to ensure the health of our nation's financial system. I have come to appreciate greatly the vital role played by the alternative investment industry in our economy and the importance of its continued success to the competitiveness of our nation’s capital markets. I look forward to continuing work to ensure the United States capital markets remain the strongest in the world.”
About Managed Funds Association
MFA is the voice of the global alternative investment industry. Its members include professionals in hedge funds, funds of funds and managed futures funds. Established in 1991, MFA is the primary source of information for policymakers and the media and the leading advocate for sound business practices and industry growth. MFA Members represent the vast majority of the largest hedge fund groups in the world who manage a substantial portion of the approximately $2 trillion invested in absolute return strategies. MFA is headquartered in Washington, D.C., with an office in New York. For more information: www.managedfunds.org
