I 
118TH CONGRESS 
2D SESSION 
H. R. 7121 
To place post-employment restrictions on certain former employees of insured 
depository institutions, insured credit unions, and certain agencies, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 29, 2024 
Mr. SCHIFF (for himself and Mr. FROST) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To place post-employment restrictions on certain former em-
ployees of insured depository institutions, insured credit 
unions, and certain agencies, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Financial Regulators 
Revolving Door Enforcement Act’’. 
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SEC. 2. RESTRICTION ON EMPLOYMENT OF CERTAIN 
FORMER AGENCY EMPLOYEES AND FORMER 
SENIOR EMPLOYEES OF INSURED DEPOSI-
TORY INSTITUTIONS AND CREDIT UNIONS. 
(a) 2-YEAR RESTRICTION ON AGENCY EMPLOYMENT 
AND CONSULTING.— 
(1) IN GENERAL.—An individual described in 
paragraph (2) shall be ineligible for an appointment 
to a covered agency, and no officer or employee of 
the Federal Government may procure the services of 
such individual as a consultant for a covered agency. 
(2) RESTRICTION CRITERIA.—An individual de-
scribed in this paragraph is an individual who, dur-
ing the 2-year period ending on the date such indi-
vidual accepts compensation as an employee, officer, 
or consultant of a covered agency, was employed as 
a financial executive officer by— 
(A) an insured depository institution that 
was the subject of an official action by such 
agency during the 20-year period ending on 
such date, including the award of a Federal 
contract, an investigation, or the imposition of 
a penalty; or 
(B) an insured credit union that was the 
subject of such an official action by such agency 
during the 20-year period ending on such date. 
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(b) 2-YEAR RESTRICTION
ON PRIVATE EMPLOY-
MENT.—An individual may not, during the 2-year period 
after the termination date of the service or employment 
of such individual as a senior agency employee at a cov-
ered agency, knowingly accept compensation as an em-
ployee, officer, director, or consultant from— 
(1) an insured depository institution regulated 
by such agency; or 
(2) an insured credit union regulated by such 
agency. 
SEC. 3. RESTRICTION ON CONTACT WITH COVERED AGEN-
CY BY FORMER AGENCY EMPLOYEES. 
An individual may not, during the 2-year period after 
the termination date of the service or employment of such 
individual as a senior agency employee at a covered agen-
cy, contact such agency on behalf of another individual 
or entity with respect to— 
(1) a regulation, rule, or proposed rule of such 
agency; 
(2) a policy of such agency; 
(3) the examination activities of such agency; 
(4) the distribution of Federal funds from such 
agency to an insured depository institution or in-
sured credit union, including through contract; or 
(5) the enforcement activities of such agency. 
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SEC. 4. REQUIRED DISCLOSURES FOR CERTAIN FORMER 
AGENCY EMPLOYEES AND EXECUTIVES OF 
INSURED DEPOSITORY INSTITUTIONS AND 
INSURED CREDIT UNIONS. 
(a) REQUIRED DISCLOSURE FOR CERTAIN FORMER 
AGENCY EMPLOYEES.— 
(1) IN GENERAL.—Not later than 1 year after 
the first time an individual who had been a senior 
agency employee at a covered agency knowingly ac-
cepts compensation as an employee, officer, director, 
or consultant from an insured depository institution 
or insured credit union regulated by such agency, 
such individual shall submit to the head of such 
agency a disclosure containing the following informa-
tion: 
(A) The title of each position held by such 
individual at such insured depository institution 
or insured credit union. 
(B) The date on which such individual 
began working as an employee, officer, director, 
or consultant at such institution or credit 
union. 
(2) LIMITATION.—Paragraph (1) shall not 
apply to an individual on or after the date that is 
5 years after the last date on which such individual 
was a senior agency employee at a covered agency. 
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(b) REQUIRED EMPLOYMENT DISCLOSURE FOR CER-
TAIN EXECUTIVES.— 
(1) IN GENERAL.—Not later than 1 year after 
the earlier of the first time an individual who was 
a financial executive officer becomes a senior agency 
employee of a covered agency or enters into a con-
tract with the head of a covered agency to provide 
services as a consultant after each period as a finan-
cial executive officer, such individual shall submit to 
such head of a covered agency a disclosure, includ-
ing— 
(A) the title of each position previously 
held by such individual at an insured depository 
institution or insured credit union regulated by 
such agency; and 
(B) the first and late date on which such 
individual held each position described in sub-
paragraph (A). 
(2) LIMITATION.—Paragraph (1) shall not 
apply to an individual who, during the 5-year period 
immediately proceeding an appointment or the date 
of a contract described in such paragraph, was not 
a financial executive officer. 
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