Professor Frank Barry:

In general, I would agree with Senator Barrett. On the other hand, one might say that some of these people may have genuine asymmetric information that is valuable to impart to the bureaucracy. Sometimes changes in the tax codes may be valuable when we get in ahead of the posse. In financial services I used to think that about the single European passport, as it was called. We were the second country after Luxembourg to introduce it and it gave the IFSC a boost at a certain time. Now I would have to go back to see whether or not it was a valuable change to have implemented so early. I have no idea and I have not thought about it since then. Sometimes, however, when one gets in ahead with changes in the tax code - because one has received information from business people who are aware of imminent changes - it can be valuable. That would be the beneficial side of this process of maintaining links with business. In general, I agree with Senator Barrett's lobbying point.