Rep. Baker may resign to join hedge fund lobby.

Rep. Richard H. Baker (R-La.) informed the House Ethics Committee on Friday that he “is in serious talks to become president of the main lobby for hedge funds, the Managed Funds Association.” If Baker takes “the nearly million-dollar-a-year job,” which he is “likely to formally be offered,” he “would have to resign from Congress to take the position.” Baker’s notification to the Ethics Committee that he is in “serious negotiations” for a job outside of Congress makes him “the first lawmaker to file a report about job talks as required under the lobbying law that Congress passed last year.”