Lawmakers and aides suggest the last thing he wanted was to become a back bencher. Why Cantor really resigned

In his decision to quit Congress altogether, Eric Cantor gave only one reason: so his successor could get a head start and “have a voice in what will be a very consequential lame-duck session.”

But several GOP lawmakers and aides suggested to POLITICO that there was more to this move. The last thing he wanted, they said, was to endure the humbling shift from 11 years in the leadership to being a back bencher, even if only for four months. And, they said he was already focused on the next chapter of his life in the private sector.


Although members can explore new job opportunities while still in office, his departure from Congress means that Cantor won’t have to disclose any companies or firms with whom he may be negotiating for a job.

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Cantor never moved to the small Capitol office space he was scheduled to take over as a consolation prize for losing his sprawling majority leader suite. Several Republicans said that as soon as Cantor lost to economics professor Dave Brat in the Republican primary June 10, there were signs that he wasn’t going to finish out his term.

“Eric is a doer — there’s not a lot to do,” said a former Cantor aide, who was watching Cantor closely since his primary defeat. “Clearly he’s been traveling and talking to a lot of people.”

One House Republican lawmaker said that as soon as Cantor lost, “his mind already began to focus on the next part of his life.”

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Still, only a small set of senior aides knew Thursday afternoon that Cantor was about to end his congressional career. His staff later that day alerted his leadership colleagues of his pending announcement.

And at the farewell that afternoon, there was no hint of his decision.

Dozens of his current and former aides — Team Cantor, as they call themselves — gathered around the massive dark wood table in his conference room, listening to Steve Stombres, Cantor’s longtime chief of staff, thank them for their service to the Virginia Republican. Then they watched a slide show of photos that Stombres put together of Cantor and his aides over the years.

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Cantor, who had just bid farewell to his colleagues on the House floor, was joined by his daughter, Jenna. He told the group he considered each of them family. While he was speaking, Cantor, who usually prides himself on his reserved bearing, became emotional.

The aides then presented Cantor with a bowl inscribed with the names of every one of his staffers, political aides and even security detail.

When he left the room, his former staffers broke out beer and wine. Cantor, though, didn’t give any hints that just hours later, he would announce his resignation.

By Thursday night, Cantor was gone. He didn’t even cast a vote on the House floor.

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Cantor’s friends in Congress expect him to be a huge success in the private sector.

“He knows a great deal, but he always try to learn more,” said House Majority Leader Kevin McCarthy (R-Calif.). “And no one will outwork him ever.”

McCarthy added, “there is no one he doesn’t know or legislation he hasn’t worked. But he also knows financial markets well.”

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Remaining in the House would have been challenging for Cantor. Over the past month, he had stopped going to many of the GOP leadership meetings where top lawmakers planned strategy and made decisions on what legislation they would take up. Cantor, who regularly traveled with a large entourage of staff and security detail, would have seen the number of aides diminish dramatically.

Cantor announced Friday that he was planning to leave Aug. 18. The Clerk of the House will take over the Virginia 7th District office until a new member is elected and installed.

In a statement, Cantor said that he had asked Virginia Gov. Terry McAuliffe (D) to hold a special election the same day as the Nov. 4 general election, so his successor could be sworn in immediately. It will most likely mean that Brat, who is expected to win the congressional seat, would have seniority over others elected in November who won’t take office until January.

Cantor has not made any public comments about what he will do next or if he has already decided his next move.

However, GOP insiders said Cantor has already been approached by a number of K Street lobby shops, companies and Wall Street firms, but has not engaged in any serious negotiations with any of these potential suitors at this point, according to several sources familiar with the conversations.

“He will have opportunities in the traditional Washington political world,” said Nels Olson, a top headhunter at Korn Ferry. “I think he could have Wall Street, investment banks or private equity firms interested given his relevant talents.”

While Cantor would be widely sought after in Washington, he is more seriously considering potential hedge fund, private equity or big bank opportunities, according to sources familiar with his post-Congress thinking.

Heads of law firms and lobbying outfits in Washington say they’ve received no signals that Cantor is heading their way.

“He’s not coming here. He’s done with this place,” said one firm head who has spoken to Cantor. Ivan Adler of McCormick Group said, “There are two famous streets in America that would be glad to employ him. Either Wall Street or K Street would pay him a pretty good chunk of change.”

The Virginia Republican has spent much of the summer months in the Hamptons, the wealthy Long Island enclave that becomes a playground for the rich and affluent each summer. His wife is fully immersed in corporate America — she serves on the boards of five corporations.

Cantor’s potential New York payday is a little harder to determine because it will depend on the structure of any firm he joined. Corporate headhunters said Cantor is likely to make well north of $1 million annually. While many former lawmakers and top political operatives compensate their salary by making the rounds on the speaking circuit, Cantor isn’t expected to be a huge draw.

While Cantor himself isn’t going to have any problem finding a job, many of his former leadership and personal aides have yet to land.

Several sources said that the market for former Cantor aides is soft since they’ve lost their political patron and many firms are focused on trying to add GOP aides with Senate experience in the event that Republicans take the majority in November.

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