I 

114TH CONGRESS 

1ST SESSION H. R. 3065 

To prevent conflicts of interest that stem from executive Government employees receiving bonuses or other compensation arrangements from nongovernment sources, from the revolving door that raises concerns about 

the independence of financial services regulators, and from the revolving 

door that casts aspersions over the awarding of Government contracts 

and other financial benefits. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 15, 2015 

Mr. CUMMINGS introduced the following bill; which was referred to the Committee on Oversight and Government Reform, and in addition to the 

Committees on the Judiciary and Financial Services, for a period to be 

subsequently determined by the Speaker, in each case for consideration 

of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To prevent conflicts of interest that stem from executive 

Government employees receiving bonuses or other compensation arrangements from nongovernment sources, 

from the revolving door that raises concerns about the 

independence of financial services regulators, and from 

the revolving door that casts aspersions over the awarding of Government contracts and other financial benefits. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Financial Services 

3 Conflict of Interest Act’’. 

4 SEC. 2. RESTRICTIONS ON PRIVATE SECTOR PAYMENT FOR 

5 GOVERNMENT SERVICE. 

6 Section 209 of title 18, United States Code, is 

7 amended— 

8 (1) in subsection (a)— 

9 (A) by striking ‘‘any salary’’ and inserting 

10 ‘‘any bonus, salary’’; and 

11 (B) by striking ‘‘his services’’ and inserting 

12 ‘‘services rendered or to be rendered’’; and 

13 (2) in subsection (b)— 

14 (A) by inserting ‘‘(1)’’ after ‘‘(b)’’; and 

15 (B) by adding at the end the following: 

16 ‘‘(2) For purposes of paragraph (1), a pension, retire17 ment, group life, health or accident insurance, profit-shar18 ing, stock bonus, or other employee welfare or benefit plan 

19 that makes payment of compensation contingent on ac20 cepting a position in the Federal Government shall not 

21 be considered bona fide. 

22 ‘‘(3) For purposes of paragraph (2), compensation in23 cludes a retention award or bonus, severance pay, and any 

24 other payment linked to future service in the Federal Gov25 ernment in any way.’’. 


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1 SEC. 3. REQUIREMENTS RELATING TO SLOWING THE RE2 VOLVING DOOR AMONG FINANCIAL SERVICES 

3 REGULATORS. 

4 (a) IN GENERAL.—The Ethics in Government Act of 

5 1978 (5 U.S.C. App.) is amended by adding at the end 

6 the following: 

7 ‘‘TITLE VI—SPECIAL REQUIRE8 MENTS FOR FINANCIAL SERV9 ICES REGULATORS 

10 ‘‘SEC. 601. DEFINITIONS. 

11 ‘‘(a) IN GENERAL.—In this title, the terms ‘des12 ignated agency ethics official’ and ‘executive branch’ have 

13 the meanings given such terms under section 109. 

14 ‘‘(b) OTHER DEFINITIONS.—In this title: 

15 ‘‘(1) COVERED FINANCIAL SERVICES AGENCY.— 

16 The term ‘covered financial services agency’— 

17 ‘‘(A) means a primary financial regulatory 

18 agency (as defined in section 2 of the Dodd19 Frank Wall Street Reform and Consumer Pro20 tection Act (12 U.S.C. 5301)); and 

21 ‘‘(B) includes— 

22 ‘‘(i) the Board of Governors of the 

23 Federal Reserve System; 

24 ‘‘(ii) the Office of the Comptroller of 

25 the Currency; 


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1 ‘‘(iii) the Federal Deposit Insurance 

2 Corporation; 

3 ‘‘(iv) the National Credit Union Ad4 ministration; 

5 ‘‘(v) the Securities and Exchange 

6 Commission; 

7 ‘‘(vi) the Federal Housing Finance 

8 Agency; 

9 ‘‘(vii) the Bureau of Consumer Finan10 cial Protection; 

11 ‘‘(viii) the Commodity Futures Trad12 ing Commission; and 

13 ‘‘(ix) the Department of the Treasury. 

14 ‘‘(2) COVERED FINANCIAL SERVICES REGU15 LATOR.—The term ‘covered financial services regu16 lator’ means an officer or employee of a covered fi17 nancial services agency who occupies— 

18 ‘‘(A) a supervisory position classified above 

19 GS–15 of the General Schedule; 

20 ‘‘(B) in the case of a position not under 

21 the General Schedule, a supervisory position for 

22 which the rate of basic pay is not less than 120 

23 percent of the minimum rate of basic pay for 

24 GS–15 of the General Schedule; or 


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1 ‘‘(C) any other supervisory position deter2 mined to be of equal classification by the Direc3 tor of the Office of Government Ethics. 

4 ‘‘(3) FORMER CLIENT.—The term ‘former cli5 ent’— 

6 ‘‘(A) means a person for whom a covered 

7 financial services regulator served personally as 

8 an agent, attorney, or consultant during the 2- 

9 year period ending on the date (after such serv10 ice) on which the covered financial services reg11 ulator begins service in the Federal Govern12 ment; and 

13 ‘‘(B) does not include— 

14 ‘‘(i) instances in which the service 

15 provided was limited to a speech or similar 

16 appearance; or 

17 ‘‘(ii) a client of the former employer 

18 of the covered financial services regulator 

19 to whom the covered financial services reg20 ulator did not personally provide such serv21 ices. 

22 ‘‘(4) FORMER EMPLOYER.—The term ‘former 

23 employer’— 

24 ‘‘(A) means a person for whom a covered 

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1 ployee, officer, director, trustee, or general part2 ner during the 2-year period ending on the date 

3 (after such service) on which the covered finan4 cial services regulator begins service in the Fed5 eral Government; and 

6 ‘‘(B) does not include— 

7 ‘‘(i) an entity in the Federal Govern8 ment, including an executive branch agen9 cy; 

10 ‘‘(ii) a State or local government; 

11 ‘‘(iii) the District of Columbia; 

12 ‘‘(iv) an Indian tribe, as defined in 

13 section 4 of the Indian Self-Determination 

14 and Education Assistance Act (25 U.S.C. 

15 450b); or 

16 ‘‘(v) the government of a territory or 

17 possession of the United States. 

18 ‘‘SEC. 602. CONFLICT OF INTEREST AND ELIGIBILITY 

19 STANDARDS FOR FINANCIAL SERVICES REG20 ULATORS. 

21 ‘‘(a) IN GENERAL.—A covered financial services reg22 ulator shall not make, participate in making, or in any 

23 way attempt to use the official position of the covered fi24 nancial services regulator to influence a particular matter 

25 that provides a direct and substantial pecuniary benefit 


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1 for a former employer or former client of the covered fi2 nancial services regulator. 

3 ‘‘(b) RECUSAL.—A covered financial services regu4 lator shall recuse himself or herself from any official ac5 tion that would violate subsection (a). 

6 ‘‘(c) WAIVER.— 

7 ‘‘(1) IN GENERAL.—The head of the covered fi8 nancial services agency employing a covered financial 

9 services regulator, in consultation with the Director 

10 of the Office of Government Ethics, may grant a 

11 written waiver of the restrictions under subsection 

12 (a) if, and to the extent that, the head of the cov13 ered financial services agency certifies in writing 

14 that— 

15 ‘‘(A) the application of the restriction to 

16 the particular matter is inconsistent with the 

17 purposes of the restriction; or 

18 ‘‘(B) it is in the public interest to grant 

19 the waiver. 

20 ‘‘(2) PUBLICATION.—The Director of the Office 

21 of Government Ethics shall make each waiver under 

22 paragraph (1) publicly available on the Web site of 

23 the Office of Government Ethics. 


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1 ‘‘SEC. 603. NEGOTIATING FUTURE PRIVATE SECTOR EM2 PLOYMENT. 

3 ‘‘(a) PROHIBITION.—Except as provided in sub4 section (c), and notwithstanding any other provision of 

5 law, a covered financial services regulator may not partici6 pate in any particular matter which involves, to the knowl7 edge of the covered financial services regulator, an indi8 vidual or entity with whom the covered financial services 

9 regulator is in negotiations of future employment or has 

10 an arrangement concerning prospective employment. 

11 ‘‘(b) DISCLOSURE OF EMPLOYMENT NEGOTIA12 TIONS.— 

13 ‘‘(1) IN GENERAL.—If a covered financial serv14 ices regulator begins any negotiations of future em15 ployment with another person, or an agent or inter16 mediary of another person, or other discussion or 

17 communication with another person, or an agent or 

18 intermediary of another person, mutually conducted 

19 with a view toward reaching an agreement regarding 

20 possible employment of the covered financial services 

21 regulator, the covered financial services regulator 

22 shall notify the designated agency ethics official of 

23 the covered financial services agency employing the 

24 covered financial services regulator regarding the ne25 gotiations, discussions, or communications. 


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1 ‘‘(2) INFORMATION.—A designated agency eth2 ics official receiving notice under paragraph (1), 

3 after consultation with the Director of the Office of 

4 Government Ethics, shall inform the covered finan5 cial services regulator of any potential conflicts of 

6 interest involved in any negotiations, discussions, or 

7 communications with the other person and the pro8 hibitions applicable. 

9 ‘‘(c) WAIVERS ONLY WHEN EXCEPTIONAL CIR10 CUMSTANCES EXIST.— 

11 ‘‘(1) IN GENERAL.—The head of a covered fi12 nancial services agency may only grant a waiver of 

13 subsection (a) if the head determines that excep14 tional circumstances exist. 

15 ‘‘(2) REVIEW AND PUBLICATION.—For any 

16 waiver granted under paragraph (1), the Director of 

17 the Office of Government Ethics shall— 

18 ‘‘(A) review the circumstances relating to 

19 the waiver and the determination that excep20 tional circumstances exist; and 

21 ‘‘(B) make the waiver publicly available on 

22 the Web site of the Office of Government Eth23 ics, which shall include— 

24 ‘‘(i) the name of the private person or 

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1 rangement concerning prospective employ2 ment; and 

3 ‘‘(ii) the date on which the negotia4 tions or arrangements commenced. 

5 ‘‘(d) SCOPE.—For purposes of this section, the term 

6 ‘negotiations of future employment’ is not limited to dis7 cussions of specific terms or conditions of employment in 

8 a specific position. 

9 ‘‘SEC. 604. RECORDKEEPING. 

10 ‘‘The Director of the Office of Government Ethics 

11 shall— 

12 ‘‘(1) receive all employment histories, recusal 

13 and waiver records, and other disclosure records for 

14 covered executive branch officials necessary for mon15 itoring compliance to this title; 

16 ‘‘(2) promulgate rules and regulations, in con17 sultation with the Director of the Office of Per18 sonnel Management and the Attorney General, for 

19 implementation of this title; 

20 ‘‘(3) provide guidance and assistance where ap21 propriate to facilitate compliance with this title; 

22 ‘‘(4) review and, where necessary, assist des23 ignated agency ethics officers in providing advice to 

24 covered financial services regulators regarding com25 pliance with this title; and 


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1 ‘‘(5) if the Director determines that a violation 

2 of this title may have occurred, and in consultation 

3 with the designated agency ethics officer and the 

4 Counsel to the President, refer the compliance case 

5 to the United States Attorney for the District of Co6 lumbia for enforcement action. 

7 ‘‘SEC. 605. PENALTIES AND INJUNCTIONS. 

8 ‘‘(a) CRIMINAL PENALTIES.— 

9 ‘‘(1) IN GENERAL.—Any person who violates 

10 section 602 or 603 shall be fined under title 18, 

11 United States Code, imprisoned for not more than 

12 1 year, or both. 

13 ‘‘(2) WILLFUL VIOLATIONS.—Any person who 

14 willfully violates section 602 or 603 shall be fined 

15 under title 18, United States Code, imprisoned for 

16 not more than 5 years, or both. 

17 ‘‘(b) CIVIL ENFORCEMENT.— 

18 ‘‘(1) IN GENERAL.—The Attorney General may 

19 bring a civil action in the appropriate United States 

20 district court against any person who violates, or 

21 who the Attorney General has reason to believe is 

22 engaging in conduct that violates, section 602 or 

23 603. 

24 ‘‘(2) CIVIL PENALTY.— 


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1 ‘‘(A) IN GENERAL.—Upon proof by a pre2 ponderance of the evidence that a person vio3 lated section 602 or 603, the court shall impose 

4 a civil penalty of not more than the greater 

5 of— 

6 ‘‘(i) $100,000 for each violation; or 

7 ‘‘(ii) the amount of compensation the 

8 person received or was offered for the con9 duct constituting the violation. 

10 ‘‘(B) RULE OF CONSTRUCTION.—A civil 

11 penalty under this subsection shall be in addi12 tion to any other criminal or civil statutory, 

13 common law, or administrative remedy, avail14 able to the United States or any other person. 

15 ‘‘(3) INJUNCTIVE RELIEF.— 

16 ‘‘(A) IN GENERAL.—In a civil action 

17 brought under paragraph (1) against a person, 

18 the Attorney General may petition the court for 

19 an order prohibiting the person from engaging 

20 in conduct that violates section 602 or 603. The 

21 court may issue such an order if the court finds 

22 by a preponderance of the evidence that the 

23 conduct of the person violates section 602 or 

24 603. 


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1 ‘‘(B) RULE OF CONSTRUCTION.—The filing 

2 of a petition seeking injunctive relief under this 

3 paragraph shall not preclude any other remedy 

4 which is available by law to the United States 

5 or any other person.’’. 

6 SEC. 4. PROHIBITION OF PROCUREMENT OFFICERS AC7 CEPTING EMPLOYMENT FROM GOVERNMENT 

8 CONTRACTORS. 

9 (a) EXPANSION OF PROHIBITION ON ACCEPTANCE

10 BY FORMER OFFICIALS OF COMPENSATION FROM CON11 TRACTORS.—Section 2104 of title 41, United States Code, 

12 is amended— 

13 (1) in subsection (a)— 

14 (A) in the matter preceding paragraph 

15 (1)— 

16 (i) by striking ‘‘or consultant’’ and in17 serting ‘‘consultant, lawyer, or lobbyist’’; 

18 and 

19 (ii) by striking ‘‘one year’’ and insert20 ing ‘‘2 years’’; and 

21 (B) in paragraph (3), by striking ‘‘person22 ally made for the Federal agency’’ and inserting 

23 ‘‘participated personally and substantially in’’; 

24 and 


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1 (2) by amending subsection (b) to read as fol2 lows: 

3 ‘‘(b) PROHIBITION ON COMPENSATION FROM AFFILI4 ATES AND SUBCONTRACTORS.—A former official respon5 sible for a Government contract referred to in paragraph 

6 (1), (2), or (3) of subsection (a) shall be prohibited from 

7 accepting compensation for two years after awarding such 

8 contract from any division, affiliate, or subcontractor of 

9 the contractor.’’. 

10 (b) REQUIREMENT FOR PROCUREMENT OFFICERS

11 TO DISCLOSE JOB OFFERS MADE ON BEHALF OF REL12 ATIVES.—Section 2103(a) of title 41, United States Code, 

13 is amended in the matter preceding paragraph (1) by in14 serting after ‘‘that official’’ the following: ‘‘, or for a rel15 ative (as defined in section 3110 of title 5) of that offi16 cial,’’. 

17 (c) REQUIREMENT ON AWARD OF GOVERNMENT

18 CONTRACTS TO FORMER EMPLOYERS.— 

19 (1) IN GENERAL.—Chapter 21 of title 41, 

20 United States Code, is amended by adding at the 

21 end the following: 


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1 ‘‘§ 2108. Prohibition on involvement by certain 

2 former contractor employees in procure3 ments 

4 ‘‘An employee of the Federal Government may not 

5 be personally and substantially involved with any award 

6 of a contract to, or the administration of a contract award7 ed to, a contractor that is a former employer of the em8 ployee during the 2-year period beginning on the date on 

9 which the employee leaves the employment of the con10 tractor.’’. 

11 (2) TECHNICAL AND CONFORMING AMEND12 MENT.—The table of sections for chapter 21 of title 

13 41, United States Code, is amended by adding at 

14 the end the following: 

‘‘2108. Prohibition on involvement by certain former contractor employees in 

procurements.’’. 

15 (d) REGULATIONS.—The Administrator for Federal 

16 Procurement Policy and the Director of the Office of Man17 agement and Budget shall— 

18 (1) in consultation with the Director of the Of19 fice of Personnel Management and the Counsel to 

20 the President, promulgate regulations to carry out 

21 and ensure the enforcement of chapter 21 of title 

22 41, United States Code, as amended by this section; 

23 and 


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1 (2) in consultation with designated agency eth2 ics officers (as defined under section 601 of the Eth3 ics in Government Act of 1978 (5 U.S.C. App.)), 

4 monitor compliance with such chapter by individuals 

5 and agencies. 

6 SEC. 5. REVOLVING DOOR RESTRICTIONS ON FINANCIAL 

7 SERVICES REGULATORS MOVING INTO THE 

8 PRIVATE SECTOR. 

9 (a) IN GENERAL.—Section 207 of title 18, United 

10 States Code, is amended— 

11 (1) by redesignating subsections (e) through (l) 

12 as subsections (f) through (m), respectively; and 

13 (2) by inserting after subsection (d) the fol14 lowing: 

15 ‘‘(e) RESTRICTIONS ON EMPLOYMENT FOR FINAN16 CIAL SERVICES REGULATORS.— 

17 ‘‘(1) IN GENERAL.—In addition to the restric18 tions set forth in subsections (a), (b), (c), and (d), 

19 a covered financial services regulator shall not— 

20 ‘‘(A) during the 2-year period beginning on 

21 the date his or her employment as a covered fi22 nancial services regulator ceases— 

23 ‘‘(i) knowingly act as agent or attor24 ney for, or otherwise represent, any other 

25 person for compensation (except the 


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1 United States) in any formal or informal 

2 appearance before; 

3 ‘‘(ii) with the intent to influence, 

4 make any oral or written communication 

5 on behalf of any other person (except the 

6 United States) to; or 

7 ‘‘(iii) knowingly aid, advise, or assist 

8 in— 

9 ‘‘(I) representing any other per10 son (except the United States) in any 

11 formal or informal appearance before; 

12 or 

13 ‘‘(II) making, with the intent to 

14 influence, any oral or written commu15 nication on behalf of any other person 

16 (except the United States) to, 

17 any court of the United States, or any officer 

18 or employee thereof, in connection with any ju19 dicial or other proceeding, which was actually 

20 pending under his or her official responsibility 

21 as a covered financial services regulator during 

22 the 1-year period ending on the date his or her 

23 employment as a covered financial services reg24 ulator ceases or in which he or she participated 


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1 personally and substantially as a covered finan2 cial services regulator; or 

3 ‘‘(B) during the 2-year period beginning on 

4 the date his or her employment as a covered fi5 nancial services regulator ceases— 

6 ‘‘(i) knowingly act as a lobbyist or 

7 agent for, or otherwise represent, any 

8 other person for compensation (except the 

9 United States) in any formal or informal 

10 appearance before; 

11 ‘‘(ii) with the intent to influence, 

12 make any oral or written communication 

13 or conduct any lobbying activities on behalf 

14 of any other person (except the United 

15 States) to; or 

16 ‘‘(iii) knowingly aid, advise, or assist 

17 in— 

18 ‘‘(I) representing any other per19 son (except the United States) in any 

20 formal or informal appearance before; 

21 or 

22 ‘‘(II) making, with the intent to 

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1 tivities on behalf of any other person 

2 (except the United States) to, 

3 any department or agency of the executive 

4 branch or Congress (including any committee of 

5 Congress), or any officer or employee thereof, 

6 in connection with any matter which is pending 

7 before the department, agency, or Congress. 

8 ‘‘(2) PENALTY.—Any person who violates para9 graph (1) shall be punished as provided in section 

10 216. 

11 ‘‘(3) DEFINITIONS.—In this subsection— 

12 ‘‘(A) the term ‘covered financial services 

13 regulator’ has the meaning given that term 

14 under section 601 of the Ethics in Government 

15 Act of 1978 (5 U.S.C. App.); and 

16 ‘‘(B) the terms ‘lobbyist’ and ‘lobbying ac17 tivities’ have the meanings given such terms in 

18 section 3 of the Lobbying Disclosure Act of 

19 1995 (2 U.S.C. 1602).’’. 

20 (b) TECHNICAL AND CONFORMING AMENDMENTS.— 

21 (1) Section 103(a) of the Honest Leadership 

22 and Open Government Act of 2007 (2 U.S.C. 

23 4702(a)) is amended by striking ‘‘section 207(e)’’ 

24 each place it appears and inserting ‘‘section 207(f)’’. 


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1 (2) Section 207 of title 18, United States Code, 

2 as amended by subsection (a), is amended— 

3 (A) in subsection (g), as so redesignated, 

4 by striking ‘‘or (e)’’ and inserting ‘‘or (f)’’; 

5 (B) in subsection (j)(1)(B), as so redesig6 nated, by striking ‘‘subsection (f)’’ and insert7 ing ‘‘subsection (g)’’; and 

8 (C) in subsection (k), as so redesignated— 

9 (i) in paragraph (2), in the matter 

10 preceding subparagraph (A), by striking 

11 ‘‘and (e)’’ and inserting ‘‘(e), and (f)’’; 

12 (ii) in paragraph (4), by striking ‘‘and 

13 (e)’’ and inserting ‘‘(e), and (f)’’; and 

14 (iii) in paragraph (7)— 

15 (I) in subparagraph (A), by strik16 ing ‘‘and (e)’’ and inserting ‘‘(e), and 

17 (f)’’; and 

18 (II) in subparagraph (B)(ii), in 

19 the matter preceding subclause (I), by 

20 striking ‘‘subsections (c), (d), or (e)’’ 

21 and inserting ‘‘subsection (c), (d), (e), 

22 or (f)’’. 

23 (3) Section 141(b)(3) of the Trade Act of 1974 

24 (19 U.S.C. 2171(b)(3)) is amended by striking ‘‘sec25 tion 207(f)(3)’’ and inserting ‘‘207(g)(3)’’. 


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1 (4) Section 7802(b)(3)(B) of the Internal Rev2 enue Code of 1986 is amended by striking ‘‘and (f) 

3 of section 207’’ and inserting ‘‘and (g) of section 

4 207’’. 

5 (5) Section 106(p)(6)(I)(ii) of title 49, United 

6 States Code, is amended by striking ‘‘and (f) of sec7 tion 207’’ and inserting ‘‘and (g) of section 207’’. 

8 SEC. 6. RESTRICTIONS ON FEDERAL EXAMINERS AND SU9 PERVISORS OF FINANCIAL INSTITUTIONS. 

10 (a) IN GENERAL.—Section 10(k) of the Federal De11 posit Insurance Act (12 U.S.C. 1820(k)) is amended— 

12 (1) in the subsection heading— 

13 (A) by striking ‘‘One-Year’’ and inserting 

14 ‘‘Two-Year’’; and 

15 (B) by striking ‘‘Examiners’’ and inserting 

16 ‘‘Examiners and Supervisors’’; 

17 (2) in paragraph (1)— 

18 (A) by striking subparagraph (B) and in19 serting the following: 

20 ‘‘(B) served— 

21 ‘‘(i) not less than 2 months during the 

22 final 12 months of the employment of the 

23 person with such agency or entity as the 

24 senior examiner (or a functionally equiva25 lent position) of a depository institution or 


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1 depository institution holding company 

2 with continuing, broad responsibility for 

3 the examination (or inspection) of that de4 pository institution or depository institu5 tion holding company on behalf of the rel6 evant agency or Federal reserve bank; or 

7 ‘‘(ii) as a supervisor of the senior ex8 aminer with responsibility for managing 

9 the oversight of not more than 5 deposi10 tory institutions or depository institution 

11 holding companies on behalf of the rel12 evant agency or Federal reserve bank; 

13 and’’; and 

14 (B) in subparagraph (C)— 

15 (i) in the matter preceding clause (i), 

16 by striking ‘‘1 year’’ and inserting ‘‘2 

17 years’’; 

18 (ii) in clause (i), by striking ‘‘or’’ and 

19 inserting a semicolon; 

20 (iii) in clause (ii), by striking the pe21 riod at the end and inserting a semicolon; 

22 and 

23 (iv) by adding at the end the fol24 lowing: 


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1 ‘‘(iii) a business entity, firm, or asso2 ciation that represents the depository insti3 tution or depository institution holding 

4 company for compensation.’’; 

5 (3) by redesignating paragraphs (2) through 

6 (6) as paragraphs (3) through (7), respectively; 

7 (4) by inserting after paragraph (1) the fol8 lowing: 

9 ‘‘(2) APPLICATION OF PENALTIES FOR SUPER10 VISORS.—A supervisor of a large financial service 

11 regulatory agency or a supervisor of a senior exam12 iner shall be subject to the penalties described in 

13 paragraph (7) if the supervisor of the senior exam14 iner or the senior examiner knowingly accepts com15 pensation during the period beginning on the date 

16 on which the service of the supervisor or senior ex17 aminer is terminated and ending on the date that is 

18 2 years after the date on which the service on which 

19 the service of the supervisor or senior examiner is 

20 terminated— 

21 ‘‘(A) as— 

22 ‘‘(i) an employee; 

23 ‘‘(ii) an officer; 

24 ‘‘(iii) a director; or 

25 ‘‘(iv) a consultant; and 


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1 ‘‘(B) from— 

2 ‘‘(i) a depository institution; 

3 ‘‘(ii) a depository institution holding 

4 company that is designated by the Finan5 cial Stability Oversight Council as a sys6 temically important financial market utility 

7 under section 804 of the Payment, Clear8 ing, and Settlement Supervision Act of 

9 2010 (12 U.S.C. 5463); or 

10 ‘‘(iii) a business entity, firm, or asso11 ciation that represents an institution de12 scribed in clause (ii) for compensation.’’; 

13 (5) in paragraph (4), as so redesignated, by 

14 striking ‘‘or other company.’’ and inserting ‘‘or other 

15 company, firm, or association.’’; and 

16 (6) in the matter preceding clause (i) of sub17 paragraph (A) of paragraph (7), as so redesignated, 

18 by striking ‘‘other company’’ and inserting ‘‘other 

19 company, firm, or association’’. 

20 (b) TECHNICAL AND CONFORMING AMENDMENTS.— 

21 Section 10(k) of the Federal Deposit Insurance Act (12 

22 U.S.C. 1820(k)) is amended— 

23 (1) in paragraph (1), by striking ‘‘paragraph 

24 (6)’’ and inserting ‘‘paragraph (7)’’; 


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1 (2) in paragraph (5)(A), as so redesignated, by 

2 inserting ‘‘and paragraph (2)’’ before the period at 

3 the end; and 

4 (3) in paragraph (7), as so redesignated— 

5 (A) in subparagraph (A)— 

6 (i) by striking ‘‘subject to paragraph 

7 (1)’’ and inserting ‘‘subject to paragraph 

8 (1) or (2)’’; and 

9 (ii) by striking ‘‘paragraph (1)(C)’’ 

10 and inserting ‘‘paragraph (1)(C) or para11 graph (2)’’; and 

12 (B) in subparagraph (C)— 

13 (i) by striking ‘‘person described in 

14 paragraph (1)’’ and inserting ‘‘person de15 scribed in paragraph (1) or (2)’’; and 

16 (ii) by inserting ‘‘paragraph (2)’’ be17 fore the period at the end. 

18 SEC. 7. SEVERABILITY. 

19 If any provision of this Act or any amendment made 

20 by this Act, or any application of such provision or amend21 ment to any person or circumstance, is held to be uncon22 stitutional, the remainder of the provisions of this Act and 

23 the amendments made by this Act and the application of 


smartinez on DSK4TPTVN1PROD with BILLS
26 

•HR 3065 IH

1 the provision or amendment to any other person or cir2 cumstance shall not be affected. 

Æ 


smartinez on DSK4TPTVN1PROD with BILLS