117 
SEC. 1202. RESTRICTIONS ON PRIVATE SECTOR PAYMENT 
FOR GOVERNMENT SERVICE. 
Section 209 of title 18, United States Code, is 
amended— 
(1) in subsection (a)— 
(A) by striking ‘‘any salary’’ and inserting 
‘‘any bonus, salary’’; and 
(B) by striking ‘‘his services’’ and inserting 
‘‘services rendered or to be rendered’’; and 
(2) in subsection (b)— 
(A) by inserting ‘‘(1)’’ after ‘‘(b)’’; and 
(B) by adding at the end the following: 
‘‘(2) For purposes of paragraph (1), a pension, retire-
ment, group life, health or accident insurance, profit-shar-
ing, stock bonus, or other employee welfare or benefit plan 
that makes payment of compensation contingent on ac-
cepting a position in the Federal Government shall not 
be considered bona fide. 
‘‘(3) For purposes of paragraph (2), compensation in-
cludes a retention award or bonus, severance pay, and any 
other payment linked to future service in the Federal Gov-
ernment in any way.’’. 
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118 
SEC. 1203. REQUIREMENTS RELATING TO SLOWING THE RE-
VOLVING DOOR AMONG FINANCIAL SERVICES 
REGULATORS. 
(a) IN GENERAL.—The Ethics in Government Act of 
1978 (5 U.S.C. App.) is amended by adding at the end 
the following: 
‘‘TITLE VI—SPECIAL REQUIRE-
MENTS FOR FINANCIAL SERV-
ICES REGULATORS 
‘‘SEC. 601. DEFINITIONS. 
‘‘(a) IN GENERAL.—In this title, the terms ‘des-
ignated agency ethics official’ and ‘executive branch’ have 
the meanings given such terms under section 109. 
‘‘(b) OTHER DEFINITIONS.—In this title: 
‘‘(1) COVERED FINANCIAL SERVICES AGENCY.— 
The term ‘covered financial services agency’— 
‘‘(A) means a primary financial regulatory 
agency (as defined in section 2 of the Dodd- 
Frank Wall Street Reform and Consumer Pro-
tection Act (12 U.S.C. 5301)); and 
‘‘(B) includes— 
‘‘(i) the Board of Governors of the 
Federal Reserve System; 
‘‘(ii) the Office of the Comptroller of 
the Currency; 
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‘‘(iii) the Federal Deposit Insurance 
Corporation; 
‘‘(iv) the National Credit Union Ad-
ministration; 
‘‘(v) the Securities and Exchange 
Commission; 
‘‘(vi) the Federal Housing Finance 
Agency; 
‘‘(vii) the Bureau of Consumer Finan-
cial Protection; 
‘‘(viii) the Commodity Futures Trad-
ing Commission; and 
‘‘(ix) the Department of the Treasury. 
‘‘(2) COVERED
FINANCIAL
SERVICES
REGU-
LATOR.—The term ‘covered financial services regu-
lator’ means an officer or employee of a covered fi-
nancial services agency who occupies— 
‘‘(A) a supervisory position classified above 
GS–15 of the General Schedule; 
‘‘(B) in the case of a position not under 
the General Schedule, a supervisory position for 
which the rate of basic pay is not less than 120 
percent of the minimum rate of basic pay for 
GS–15 of the General Schedule; or 
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‘‘(C) any other supervisory position deter-
mined to be of equal classification by the Direc-
tor of the Office of Government Ethics. 
‘‘(3) FORMER CLIENT.—The term ‘former cli-
ent’— 
‘‘(A) means a person for whom a covered 
financial services regulator served personally as 
an agent, attorney, or consultant during the 2- 
year period ending on the date (after such serv-
ice) on which the covered financial services reg-
ulator begins service in the Federal Govern-
ment; and 
‘‘(B) does not include— 
‘‘(i) instances in which the service 
provided was limited to a speech or similar 
appearance; or 
‘‘(ii) a client of the former employer 
of the covered financial services regulator 
to whom the covered financial services reg-
ulator did not personally provide such serv-
ices. 
‘‘(4) FORMER EMPLOYER.—The term ‘former 
employer’— 
‘‘(A) means a person for whom a covered 
financial services regulator served as an em-
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121 
ployee, officer, director, trustee, or general part-
ner during the 2-year period ending on the date 
(after such service) on which the covered finan-
cial services regulator begins service in the Fed-
eral Government; and 
‘‘(B) does not include— 
‘‘(i) an entity in the Federal Govern-
ment, including an executive branch agen-
cy; 
‘‘(ii) a State or local government; 
‘‘(iii) the District of Columbia; 
‘‘(iv) an Indian tribe, as defined in 
section 4 of the Indian Self-Determination 
and Education Assistance Act (25 U.S.C. 
450b); or 
‘‘(v) the government of a territory or 
possession of the United States. 
‘‘SEC. 602. CONFLICT OF INTEREST AND ELIGIBILITY 
STANDARDS FOR FINANCIAL SERVICES REG-
ULATORS. 
‘‘(a) IN GENERAL.—A covered financial services reg-
ulator shall not make, participate in making, or in any 
way attempt to use the official position of the covered fi-
nancial services regulator to influence a particular matter 
that provides a direct and substantial pecuniary benefit 
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122 
for a former employer or former client of the covered fi-
nancial services regulator. 
‘‘(b) RECUSAL.—A covered financial services regu-
lator shall recuse himself or herself from any official ac-
tion that would violate subsection (a). 
‘‘(c) WAIVER.— 
‘‘(1) IN GENERAL.—The head of the covered fi-
nancial services agency employing a covered financial 
services regulator, in consultation with the Director 
of the Office of Government Ethics, may grant a 
written waiver of the restrictions under subsection 
(a) if, and to the extent that, the head of the cov-
ered financial services agency certifies in writing 
that— 
‘‘(A) the application of the restriction to 
the particular matter is inconsistent with the 
purposes of the restriction; or 
‘‘(B) it is in the public interest to grant 
the waiver. 
‘‘(2) PUBLICATION.—The Director of the Office 
of Government Ethics shall make each waiver under 
paragraph (1) publicly available on the Web site of 
the Office of Government Ethics. 
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