Former House Majority Leader Eric Cantor this week begins working at the boutique investment bank Moelis & Company.
Cantor will serve as vice chairman and managing director, and will also be elected to the firm's board of directors.
Cantor, 51, and firm founder Ken Moelis announced the decision in a joint interview on Monday.
A statement on the Moelis website said, "Cantor will provide strategic counsel to the firm's corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters."
Cantor does not have a Wall Street background but was considered a friend of Wall Street while he served in Congress.
Cantor, who will continue to live in Virginia, will open a new office for the firm in Washington, D.C., in addition to having an office at the company's headquarters in New York City, according to The Wall Street Journal.
The Virginia Republican was unexpectedly defeated in a June primary by college professor David Brat, and stepped down as majority leader shortly after that.
The loss by the No. 2 House Republican shocked many political analysts and the congressman himself.
With the defeat, Cantor became the most prominent victim of the Tea Party.
Cantor is a native of Richmond, Va., and worked for his family's real estate development firm before being elected to Virginia's House of Delegates.
He was first elected to Congress in 2000.
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NATO leaders are expected to set up a rapid-response force to deploy quickly to eastern Europe to defend against potential Russian aggression at their meeting in Wales later this week.
The force of about 4,000 troops will be ready to move on 48 hours notice from a station in a member country close to Russia, The New York Times reported.
The "spearhead" force would be defensive in nature and able to respond "to Russia's aggressive behavior — but it equips the alliance to respond to all security challenges, wherever they may arise," said Secretary General Anders Fogh Rasmussen in a speech on the NATO website.
The Obama administration supports the plan, but emphasized the force's defensive posture, National Security Spokesman Caitlin Hayden tells CNN.
The force is "not intended as a provocation, or as a threat to Russia, but rather as a demonstration of NATO's continued commitment to our collective defense," Hayden said.
Poland and other NATO members in eastern and Baltic states had expressed concerns about Russian actions in Ukraine, and had demanded a stronger response, says the Guardian. The new force will not help with the current situation in Ukraine, but may serve as a deterrent if Russia considers destabilizing the Baltic states.
"The spearhead group will be trained to deal with unconventional actions, from the funding of separatist groups to the use of social media, intimidation and black propaganda," writes the Guardian's Ewen MacAskill.
Russia is bound to view it as an act of aggression, MacAskill says.
The NATO summit, featuring some 60 heads of state, including President Obama, is set for Thursday and Friday at the Celtic Manor Resort, a luxury hotel complex in Newport, Wales.