Canada has a similar act called "The Lobbying Act", It prohibits former government officials from lobbying on behalf of an organization after leaving public service. Additionally it calls for monthly reports of any arranged meetings between senior officials and lobbyists. With fines and jail time for those breaking the law.
The United States needs a similar act as soon as possible. Lobbying is one of the root causes of most of the problems the country faces today, and this would be a great step forward.