Abstract: We compile a comprehensive database of senior federal regulators and trace their full career paths since college graduation across the private and public sectors. We find that revolving-door moves across the private and public sectors are ubiquitous, persistent, correlated with economic and election cycles, and typically occur several times over the course of one’s career. Revolving-door regulators exhibit more regulatory (but not deregulatory) activity, stricter enforcement, and higher regulation complexity. Further, they work for stronger firms, come from relatively poorer backgrounds, and accumulate more wealth throughout their careers. Overall, we quantify regulators’ incentives to build financial, bureaucratic, and human capital.