Steve Ricchetti, a former lobbyist picked to serve as a counselor for President-elect Joe Biden, reportedly has a strong history managing Biden’s business affairs.
According to the New York Times, Ricchetti served as Biden’s business manager in the past and helped to negotiate a seven-figure book deal for the former vice president. The deal included organizing a $100-a-head book tour that earned the Bidens $15.6 million in the last three years.
Ricchetti, 63, cited his goal was to help Biden ensure financial security “in the cleanest way possible, without doing anything he would ever have to apologize for.”
Ricchetti has been close to Biden since the Obama administration and joined his staff in 2012 when he was still serving as vice president. He began his career out of college in Washington, working for the health insurance industry, and eventually ran a lucrative lobbying firm that dealt with high-profile clients such as General Motors, AT&T, Eli Lilly, and Pfizer. He also had a stint as a legislative aide in the Clinton White House in the 1990s.
In federal disclosure documents from 2012, Ricchetti revealed annual earnings of about $2 million from his firm. With assets, mostly in cash accounts, it was in the range of $3 million to $12 million. The documents are reportedly the only public account of his income and assets.
Ricchetti is well known for his ability to successfully fundraise for campaigns. He has hosted events on behalf of Biden, and also was a top fundraiser for Hillary Clinton during the 2008 primary, according to Politico.
Former aides of Obama reportedly tried to block Ricchetti from receiving a job in the administration because his past as a lobbyist would require an ethics waiver. Ricchetti deregistered before accepting a senior administration post.
Ricchetti has come under criticism by some left-wing groups over his lobbying experience. Justice Democrats, which organizes to help elect lawmakers such as Reps. Alexandria Ocasio-Cortez of New York and Cori Bush of Missouri, released a statement opposing Ricchetti’s appointment, saying they believed he would be a hindrance to enacting plans such as “Medicare for All.”
