A senior Republican lobbyist at Goldman Sachs (GS:US) Group Inc. is leaving the bank for a job with Rio Tinto Group, the world’s second biggest mining company.
Todd Malan, 46, will be vice president of external affairs for the U.S. and South America at the mining company. He will handle regulatory and legislative issues, and work with institutions like the World Bank and the International Finance Corp.
Malan joined Goldman Sachs in 2008 as the bank, long known as a breeding ground for Treasury secretaries and top White House aides, became a symbol of Wall Street greed during the subprime loan meltdown. He was part of a new lobbying team brought in to deal with the fallout from the financial crisis.
Along with running Goldman Sachs’s Political Action Committee, Malan lobbied on the 2010 Dodd-Frank Act that overhauled U.S. financial regulation. He also worked on the bank’s defense of subprime loan investigations by the Senate Permanent Subcommittee on Investigations and the Securities and Exchange Commission. Goldman Sachs settled the SEC case in July 2010 for $550 million.
At London-based Rio, one of Malan’s first tasks will be helping the company in Washington as it seeks to protect an estimated $14 billion investment in a Mongolian copper mine that has come under fire from the government there.
Jake Siewert, a spokesman for Goldman Sachs, said Malan “was an invaluable part of our D.C. team and will be a terrific asset for Rio.”
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