Baker leaves Congress to lobby for hedge funds

Rep. Richard Baker (R-La.) will leave Congress to lead a lobbying association that represents the hedge fund industry, the group said Tuesday.

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Baker will assume the position of President and CEO of the Managed Funds Association (MFA) in February.

“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,” Baker said. “I look forward to continuing work to ensure the United States capital markets remain the strongest in the world.” 

Although Baker has enjoyed strong support from this central Louisiana district and President Bush won there with 59 percent in 2004, the demographics of the district have shifted in the wake of Hurricane Katrina, making an open seat potentially competitive.

Democrat Louisiana State Sen. Dan Cazayoux announced a bid for the seat last week.