I 
114TH CONGRESS 
1ST SESSION H. R. 1463 
To amend the Securities Exchange Act of 1934 to provide for a one-year 
employment restriction for ex-employees of the Securities and Exchange 
Commission seeking to work for companies against which the Commission 
brought enforcement actions that were participated on by such ex-employ-
ees, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 19, 2015 
Mr. LYNCH introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to provide 
for a one-year employment restriction for ex-employees 
of the Securities and Exchange Commission seeking to 
work for companies against which the Commission 
brought enforcement actions that were participated on 
by such ex-employees, 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 ‘‘SEC Revolving Door 
Restriction Act of 2015’’. 
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SEC. 2. ONE-YEAR EMPLOYMENT RESTRICTION RELATED 
TO ENFORCEMENT MATTERS. 
(a) IN GENERAL.—The Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.) is amended by inserting after 
section 4E the following new section: 
‘‘SEC. 4F. ONE-YEAR EMPLOYMENT RESTRICTION RELATED 
TO ENFORCEMENT MATTERS AND REQUIRED 
ETHICS OPINIONS. 
‘‘(a) ONE-YEAR EMPLOYMENT RESTRICTION.—Any 
person who is an employee of the Commission and who, 
within 1 year after the termination of such employment 
with the Commission, works for any company or individual 
against whom the Commission brought an enforcement ac-
tion, where such action (or a waiver related to such action) 
was brought within the previous 18 months and was par-
ticipated on by such person, shall be subject to the same 
penalties as provided for in section 216 of title 18, United 
States Code, for offenses described in that section. 
‘‘(b) REQUIRED ETHICS OPINION.— 
‘‘(1) IN GENERAL.—Any person who is an em-
ployee of the Commission and who, within 1 year 
after the termination of such employment with the 
Commission, seeks to work for any company or indi-
vidual against whom the Commission brought an en-
forcement action (or issued a waiver related to such 
action) where such action (or waiver) was partici-
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pated on by such person, shall first receive an ethics 
opinion from the Commission. 
‘‘(2) ETHICS OPINION.— 
‘‘(A) CONTENT.—The ethics opinion de-
scribed in paragraph (1) shall include a deter-
mination of whether such person should be per-
mitted to work for such company or individual. 
‘‘(B) DETERMINATION
REQUIREMENTS.— 
The Commission may not determine, under sub-
paragraph (A), that such person should be per-
mitted to work for such company or individual 
unless the Commission finds that— 
‘‘(i) there would be no appearance of 
impropriety for such person to work for 
such company or individual; 
‘‘(ii) no material advantage would be 
gained by such company or individual be-
cause such person participated on an en-
forcement action (or a waiver related to 
such action); and 
‘‘(iii) the integrity of any ongoing en-
forcement action participated on by such 
person is not diminished by such person 
going to work for such company or indi-
vidual. 
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‘‘(C) REGULATIONS.—The Chairman of 
the Commission shall provide for regulations for 
the issuance of ethics opinions under this sub-
section. 
‘‘(3) PENALTIES.—A person shall be subject to 
the same penalties as provided for in section 216 of 
title 18, United States Code, for offenses described 
in that section, if such person— 
‘‘(A) receives an ethics opinion under para-
graph (1), where such ethics opinion states that 
such person should not be permitted to work 
for a particular company or individual; and 
‘‘(B) within 1 year after the termination of 
such person’s employment with the Commis-
sion, the person works for such company or in-
dividual. 
‘‘(c) EXCEPTION FOR NON-PROFESSIONAL STAFF.— 
The provisions of this section shall not apply to a person 
who is a non-professional staff employee of the Commis-
sion. 
‘‘(d) DEFINITIONS.—For purposes of this section: 
‘‘(1) ENFORCEMENT
ACTION.—The term ‘en-
forcement action’ means such court actions, adminis-
trative proceedings, Commission opinions, and other 
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actions, as the Commission may determine appro-
priate. 
‘‘(2) PARTICIPATED ON.—With respect to an 
enforcement action (or a waiver related to such ac-
tion) and a person, the term ‘participated on’ means 
the person either— 
‘‘(A) participated personally in the enforce-
ment action (or waiver related to such action); 
or 
‘‘(B) knew or reasonably should have 
known that the enforcement action (or waiver 
related to such action) was under his or her of-
ficial responsibility as an employee of the Com-
mission. 
‘‘(3) 
WORK
FOR.—The 
term 
‘work 
for’ 
means— 
‘‘(A) employed by; 
‘‘(B) volunteers for; 
‘‘(C) lobbies on behalf of; or 
‘‘(D) consults for.’’. 
(b) REPORT.—One year after the date of the enact-
ment of this Act, the Chairman of the Securities and Ex-
change Commission shall submit a report to the Congress 
analyzing the impact that the provisions of this Act have 
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had on recruitment and retention of employees by the Se-
curities and Exchange Commission. 
(c) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect 60 days after the date of 
the enactment of this Act. 
Æ 
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