Title: Executive Branch Conflict of Interest Act
Policy area: Government Operations and Politics

Summary:
Executive Branch Conflict of Interest Act
This bill revises ethics requirements and modifies provisions related to conflicts of interest involving certain federal government employees.
Specifically, the bill

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 156 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  1st Session
                                 S. 156

   To prevent conflicts of interest that stem from executive branch 
  employees receiving bonuses or other compensation arrangements from 
 non-Government sources, from the revolving door that raises concerns 
  about the independence of executive branch employees, and from the 
 revolving door that casts aspersions over the awarding of Government 
                contracts and other financial benefits.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 16, 2019

  Ms. Baldwin introduced the following bill; which was read twice and 
referred to the Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
   To prevent conflicts of interest that stem from executive branch 
  employees receiving bonuses or other compensation arrangements from 
 non-Government sources, from the revolving door that raises concerns 
  about the independence of executive branch employees, and from the 
 revolving door that casts aspersions over the awarding of Government 
                contracts and other financial benefits.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Executive Branch Conflict of 
Interest Act''.

SEC. 2. 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 or 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, retirement, group 
life, health or accident insurance, profit-sharing, stock bonus, or 
other employee welfare or benefit plan that makes payment of 
compensation contingent on accepting a position in the Federal 
Government shall not be considered bona fide.
    ``(3) For purposes of paragraph (2), compensation includes a 
retention award or bonus, severance pay, and any other payment linked 
to future service in the Federal Government in any way.''.

SEC. 3. REQUIREMENTS RELATING TO SLOWING THE REVOLVING DOOR AMONG 
              CERTAIN EXECUTIVE BRANCH EMPLOYEES.

    (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 REQUIREMENTS FOR CERTAIN EXECUTIVE BRANCH EMPLOYEES

``SEC. 601. DEFINITIONS.

    ``(a) In General.--In this title, the terms `designated agency 
ethics official' and `executive branch' have the meanings given those 
terms under section 109.
    ``(b) Other Definitions.--In this title:
            ``(1) Covered agency.--The term `covered agency'--
                    ``(A) means--
                            ``(i) an Executive agency;
                            ``(ii) the Postal Service; and
                            ``(iii) the Postal Rate Commission;
                    ``(B) includes the Executive Office of the 
                President; and
                    ``(C) does not include the Government 
                Accountability Office or the government of the District 
                of Columbia.
            ``(2) Covered employee.--The term `covered employee' means 
        an officer or employee described in section 207(c)(2) of title 
        18, United States Code.
            ``(3) Director.--The term `Director' means the Director of 
        the Office of Government Ethics.
            ``(4) Executive agency.--The term `Executive agency' has 
        the meaning given the term in section 105 of title 5, United 
        States Code.
            ``(5) Former client.--The term `former client'--
                    ``(A) means a person for whom a covered employee 
                served personally as an agent, attorney, or consultant 
                during the 2-year period ending on the date (after such 
                service) on which the covered employee begins service 
                in the Federal Government; and
                    ``(B) does not include--
                            ``(i) a person for whom a covered employee 
                        served as described in subparagraph (A) if the 
                        service provided was limited to a speech or 
                        similar appearance; or
                            ``(ii) a client of the former employer of 
                        the covered employee to whom the covered 
                        employee did not personally provide services 
                        described in subparagraph (A).
            ``(6) Former employer.--The term `former employer'--
                    ``(A) means a person for whom a covered employee 
                served as an employee, officer, director, trustee, or 
                general partner during the 2-year period ending on the 
                date (after such service) on which the covered employee 
                begins service in the Federal Government; and
                    ``(B) does not include--
                            ``(i) an entity in the Federal Government, 
                        including an Executive agency;
                            ``(ii) a State or local government; or
                            ``(iii) an Indian tribe, as defined in 
                        section 4 of the Indian Self-Determination and 
                        Education Assistance Act (25 U.S.C. 5304).
            ``(7) State.--The term `State' has the meaning given the 
        term in section 3 of the Lobbying Disclosure Act of 1995 (2 
        U.S.C. 1602).

``SEC. 602. CONFLICT OF INTEREST AND ELIGIBILITY STANDARDS FOR COVERED 
              EMPLOYEES.

    ``(a) In General.--A covered employee shall not make, participate 
in making, or in any way attempt to use the official position of the 
covered employee to influence a particular matter that provides a 
direct and substantial pecuniary benefit for a former employer or 
former client of the covered employee.
    ``(b) Recusal.--A covered employee shall recuse himself or herself 
from any official action that would violate subsection (a).
    ``(c) Waiver.--
            ``(1) In general.--The head of the covered agency employing 
        a covered employee, in consultation with the Director, may 
        grant a written waiver of the restrictions under subsection (a) 
        if, and to the extent that, the head of the covered 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 shall make each waiver 
        granted under paragraph (1) publicly available on the website 
        of the Office of Government Ethics.

``SEC. 603. NEGOTIATING FUTURE PRIVATE SECTOR EMPLOYMENT.

    ``(a) Prohibition.--Except as provided in subsection (c), and 
notwithstanding any other provision of law, a covered employee may not 
participate in any particular matter that involves, to the knowledge of 
the covered employee, an individual or entity with whom the covered 
employee is in negotiations of future employment or has an arrangement 
concerning prospective employment.
    ``(b) Disclosure of Employment Negotiations.--
            ``(1) In general.--If a covered employee begins any 
        negotiations of future employment with another individual or 
        entity, or an agent or intermediary of another individual or 
        entity, or other discussion or communication with another 
        individual or entity, or an agent or intermediary of another 
        individual or entity, mutually conducted with a view toward 
        reaching an agreement regarding possible employment of the 
        covered employee, the covered employee shall notify the 
        designated agency ethics official of the covered agency 
        employing the covered employee regarding the negotiations, 
        discussions, or communications.
            ``(2) Information.--A designated agency ethics official 
        receiving notice under paragraph (1), after consultation with 
        the Director, shall inform the covered employee of any 
        potential conflicts of interest involved in any negotiations, 
        discussions, or communications with the other individual or 
        entity and the applicable prohibitions.
    ``(c) Waivers Only When Exceptional Circumstances Exist.--
            ``(1) In general.--The head of a covered agency may only 
        grant a waiver of the prohibition under subsection (a) if--
                    ``(A) the head of the covered agency determines 
                that exceptional circumstances exist; and
                    ``(B) the Director reviews the circumstances 
                relating to the waiver and the determination of the 
                head of the covered agency under subparagraph (A) and 
                determines that exceptional circumstances exist.
            ``(2) Publication.--For any waiver granted under paragraph 
        (1), the Director shall make publicly available on the website 
        of the Office of Government Ethics the waiver, which shall 
        include--
                    ``(A) the name of each private individual or entity 
                involved in the negotiations or arrangement concerning 
                prospective employment; and
                    ``(B) the date on which the negotiations or 
                arrangements commenced.
    ``(d) Scope.--For purposes of this section, the term `negotiations 
of future employment' is not limited to discussions of specific terms 
or conditions of employment in a specific position.

``SEC. 604. RECORDKEEPING.

    ``The Director shall--
            ``(1) receive all employment histories, recusal and waiver 
        records, and other disclosure records for covered employees 
        necessary for monitoring compliance with this title;
            ``(2) not later than 180 days after the date of enactment 
        of this title and in consultation with the Director of the 
        Office of Personnel Management and the Attorney General, 
        promulgate rules and regulations to implement this title;
            ``(3) when appropriate, provide guidance and assistance to 
        facilitate compliance with this title;
            ``(4) review advice provided by designated agency ethics 
        officials, and, when necessary, assist designated agency ethics 
        officials in providing advice, to covered employees regarding 
        compliance with this title; and
            ``(5) if the Director determines that a violation of this 
        title may have occurred, the Director shall, in consultation 
        with the designated agency ethics official of the covered 
        agency employing the covered employee alleged to have violated 
        this title and the Counsel to the President, refer the 
        compliance case to the United States Attorney for the District 
        of Columbia for enforcement action.

``SEC. 605. PENALTIES AND INJUNCTIONS.

    ``(a) Criminal Penalties.--
            ``(1) In general.--Any person who violates section 602 or 
        603 shall be fined under title 18, United States Code, 
        imprisoned for not more than 1 year, or both.
            ``(2) Willful violations.--Any person who willfully 
        violates section 602 or 603 shall be fined under title 18, 
        United States Code, imprisoned for not more than 5 years, or 
        both.
    ``(b) Civil Enforcement.--
            ``(1) In general.--The Attorney General may bring a civil 
        action in an appropriate district court of the United States 
        against any person who violates, or whom the Attorney General 
        has reason to believe is engaging in conduct that violates, 
        section 602 or 603.
            ``(2) Civil penalty.--
                    ``(A) In general.--Upon proof by a preponderance of 
                the evidence that a person violated section 602 or 603, 
                the court shall impose a civil penalty of not more than 
                the greater of--
                            ``(i) $100,000 for each violation; or
                            ``(ii) the amount of compensation the 
                        person received or was offered for the conduct 
                        constituting the violation.
                    ``(B) Rule of construction.--A civil penalty under 
                this subsection shall be in addition to any other 
                criminal or civil statutory, common law, or 
                administrative remedy available to the United States or 
                any other person.
            ``(3) Injunctive relief.--
                    ``(A) In general.--In a civil action brought under 
                paragraph (1) against a person, the Attorney General 
                may petition the court for an order prohibiting the 
                person from engaging in conduct that violates section 
                602 or 603.
                    ``(B) Standard.--The court may issue an order under 
                subparagraph (A) if the court finds by a preponderance 
                of the evidence that the conduct of the person violates 
                section 602 or 603.
                    ``(C) Rule of construction.--The filing of a 
                petition seeking injunctive relief under this paragraph 
                shall not preclude any other remedy that is available 
                by law to the United States or any other person.''.

SEC. 4. PROHIBITION OF PROCUREMENT OFFICERS ACCEPTING EMPLOYMENT FROM 
              GOVERNMENT CONTRACTORS.

    (a) Expansion of Prohibition on Acceptance by Former Officials of 
Compensation From Contractors.--Section 2104 of title 41, United States 
Code, is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding paragraph (1)--
                            (i) by striking ``or consultant'' and 
                        inserting ``consultant, lawyer, or lobbyist''; 
                        and
                            (ii) by striking ``one year'' and inserting 
                        ``2 years''; and
                    (B) in paragraph (3), in the matter preceding 
                subparagraph (A), by striking ``personally made for the 
                Federal agency'' and inserting ``participated 
                personally and substantially in''; and
            (2) by striking subsection (b) and inserting the following:
    ``(b) Prohibition on Compensation From Affiliates and 
Subcontractors.--A former official of a Federal agency responsible for 
a Government contract referred to in paragraph (1), (2), or (3) of 
subsection (a) may not accept compensation from any division, 
affiliate, or subcontractor of the contractor during the 2-year period 
beginning on the last date on which the former official was employed by 
the Federal agency.''.
    (b) Requirement for Procurement Officers To Disclose Job Offers 
Made on Behalf of Relatives.--Section 2103(a) of title 41, United 
States Code, is amended in the matter preceding paragraph (1) by 
inserting after ``that official'' the following: ``, or for a relative 
(as defined in section 3110 of title 5) of that official,''.
    (c) Requirement on Award of Government Contracts to Former 
Employers.--
            (1) In general.--Chapter 21 of title 41, United States 
        Code, is amended--
                    (A) by redesignating section 2107 as section 2108; 
                and
                    (B) by inserting after section 2106 the following:
``Sec. 2107. Prohibition on involvement by certain former contractor 
              employees in procurements
    ``An employee of the Federal Government may not be personally and 
substantially involved with any award of a contract to, or the 
administration of a contract awarded to, a contractor that is a former 
employer of the employee during the 2-year period beginning on the date 
on which the employee leaves the employment of the contractor.''.
            (2) Technical and conforming amendment.--The table of 
        sections for chapter 21 of title 41, United States Code, is 
        amended by striking the item relating to section 2107 and 
        inserting the following:

``2107. Prohibition on involvement by certain former contractor 
                            employees in procurements.
``2108. Savings provisions.''.
    (d) Regulations.--The Administrator for Federal Procurement Policy 
and the Director of the Office of Management and Budget shall, with 
respect to chapter 21 of title 41, United States Code, as amended by 
this section--
            (1) not later than 180 days after the date of enactment of 
        this Act and in consultation with the Director of the Office of 
        Personnel Management and the Counsel to the President, 
        promulgate regulations to carry out and ensure the enforcement 
        of that chapter; and
            (2) in consultation with designated agency ethics officials 
        (as defined in section 601 of the Ethics in Government Act of 
        1978 (5 U.S.C. App.), as added by section 3 of this Act), 
        monitor compliance with that chapter by individuals and 
        agencies.

SEC. 5. REVOLVING DOOR RESTRICTIONS ON CERTAIN COVERED EMPLOYEES MOVING 
              INTO THE PRIVATE SECTOR.

    (a) In General.--Section 207 of title 18, United States Code, is 
amended--
            (1) by redesignating subsections (e) through (l) as 
        subsections (f) through (m), respectively; and
            (2) by inserting after subsection (d) the following:
    ``(e) Restrictions on Employment for Covered Employees.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `covered employee' has the meaning 
                given the term in section 601 of the Ethics in 
                Government Act of 1978 (5 U.S.C. App.); and
                    ``(B) the terms `lobbying activities' and 
                `lobbyist' have the meanings given those terms in 
                section 3 of the Lobbying Disclosure Act of 1995 (2 
                U.S.C. 1602).
            ``(2) In general.--In addition to the restrictions set 
        forth in subsections (a), (b), (c), and (d), an individual who 
        is a covered employee shall not--
                    ``(A) during the 2-year period beginning on the 
                date on which the employment of the individual as a 
                covered employee ceases--
                            ``(i) knowingly act as agent or attorney 
                        for, or otherwise represent, any other person 
                        (except the United States) for compensation in 
                        any formal or informal appearance before;
                            ``(ii) with the intent to influence, make 
                        any oral or written communication on behalf of 
                        any other person (except the United States) to; 
                        or
                            ``(iii) knowingly aid, advise, or assist 
                        in--
                                    ``(I) representing any other person 
                                (except the United States) in any 
                                formal or informal appearance before; 
                                or
                                    ``(II) making, with the intent to 
                                influence, any oral or written 
                                communication on behalf of any other 
                                person (except the United States) to,
                any court of the United States, or any officer or 
                employee thereof, in connection with any judicial or 
                other proceeding that was actually pending under the 
                official responsibility of the individual as a covered 
                employee during the 1-year period ending on the date on 
                which the employment of the individual as a covered 
                employee ceases or in which the individual participated 
                personally and substantially as a covered employee; or
                    ``(B) during the 2-year period beginning on the 
                date on which the employment of the individual as a 
                covered employee ceases--
                            ``(i) knowingly act as a lobbyist or agent 
                        for, or otherwise represent, any other person 
                        (except the United States) for compensation in 
                        any formal or informal appearance before;
                            ``(ii) with the intent to influence, make 
                        any oral or written communication or conduct 
                        any lobbying activities on behalf of any other 
                        person (except the United States) to; or
                            ``(iii) knowingly aid, advise, or assist 
                        in--
                                    ``(I) representing any other person 
                                (except the United States) in any 
                                formal or informal appearance before; 
                                or
                                    ``(II) making, with the intent to 
                                influence, any oral or written 
                                communication or conduct any lobbying 
                                activities on behalf of any other 
                                person (except the United States) to,
                any department or agency of the executive branch or 
                Congress (including any committee of Congress), or any 
                officer or employee thereof, in connection with any 
                matter that is pending before the department, the 
                agency, or Congress.
            ``(3) Penalty.--Any person who violates paragraph (2) shall 
        be punished as provided in section 216.''.
    (b) Technical and Conforming Amendments.--
            (1) Honest leadership and open government act of 2007.--
        Section 103(a) of the Honest Leadership and Open Government Act 
        of 2007 (2 U.S.C. 4702(a)) is amended by striking ``section 
        207(e)'' each place it appears and inserting ``section 
        207(f)''.
            (2) Internal revenue code of 1986.--Section 7802(b)(3)(B) 
        of the Internal Revenue Code of 1986 is amended by striking 
        ``and (f) of section 207'' and inserting ``and (g) of section 
        207''.
            (3) Title 18, united states code.--Section 207 of title 18, 
        United States Code, as amended by subsection (a), is amended--
                    (A) in subsection (g), as so redesignated, by 
                striking ``or (e)'' and inserting ``or (f)'';
                    (B) in subsection (j)(1)(B), as so redesignated, by 
                striking ``subsection (f)'' and inserting ``subsection 
                (g)''; and
                    (C) in subsection (k), as so redesignated--
                            (i) in paragraph (1)(B), by striking ``(25 
                        U.S.C. 450i(j))'' and inserting ``(25 U.S.C. 
                        5323(j))'';
                            (ii) in paragraph (2), in the matter 
                        preceding subparagraph (A), by striking ``and 
                        (e)'' and inserting ``(e), and (f)'';
                            (iii) in paragraph (4), by striking ``and 
                        (e)'' and inserting ``(e), and (f)''; and
                            (iv) in paragraph (7)--
                                    (I) in subparagraph (A), by 
                                striking ``and (e)'' and inserting 
                                ``(e), and (f)''; and
                                    (II) in subparagraph (B)(ii), in 
                                the matter preceding subclause (I), by 
                                striking ``subsections (c), (d), or 
                                (e)'' and inserting ``subsection (c), 
                                (d), (e), or (f)''.
            (4) Title 49, united states code.--Section 106(p)(6)(I)(ii) 
        of title 49, United States Code, is amended by striking ``and 
        (f) of section 207'' and inserting ``and (g) of section 207''.
            (5) Trade act of 1974.--Section 141(b)(4) of the Trade Act 
        of 1974 (19 U.S.C. 2171(b)(4)) is amended by striking ``section 
        207(f)(3)'' and inserting ``207(g)(3)''.
            (6) USEC privatization act.--Section 3105(c) of the USEC 
        Privatization Act (42 U.S.C. 2297h-3(c)) is amended by striking 
        ``and (d)'' and inserting ``(d), and (e)''.

SEC. 6. RESTRICTIONS ON FEDERAL EXAMINERS AND SUPERVISORS OF FINANCIAL 
              INSTITUTIONS.

    (a) In General.--Section 10(k) of the Federal Deposit Insurance Act 
(12 U.S.C. 1820(k)) is amended--
            (1) in the subsection heading--
                    (A) by striking ``One-Year'' and inserting ``Two-
                Year''; and
                    (B) by striking ``Examiners'' and inserting 
                ``Examiners and Supervisors'';
            (2) in paragraph (1)--
                    (A) by striking subparagraph (B) and inserting the 
                following:
                    ``(B) served--
                            ``(i) not less than 2 months during the 
                        final 12 months of the employment of the person 
                        with that agency or entity as the senior 
                        examiner (or a functionally equivalent 
                        position) of a depository institution or 
                        depository institution holding company with 
                        continuing, broad responsibility for the 
                        examination (or inspection) of that depository 
                        institution or depository institution holding 
                        company on behalf of the relevant agency or 
                        Federal reserve bank; or
                            ``(ii) as a supervisor of the senior 
                        examiner with responsibility for managing the 
                        oversight of not more than 5 depository 
                        institutions or depository institution holding 
                        companies on behalf of the relevant agency or 
                        Federal reserve bank; and''; and
                    (B) in subparagraph (C)--
                            (i) in the matter preceding clause (i), by 
                        striking ``1 year'' and inserting ``2 years'';
                            (ii) in clause (i)--
                                    (I) by striking ``other company'' 
                                and inserting ``other company, firm, or 
                                association''; and
                                    (II) by striking ``or'' at the end;
                            (iii) in clause (ii), by striking the 
                        period at the end and inserting ``; or''; and
                            (iv) by adding at the end the following:
                            ``(iii) a business entity, firm, or 
                        association that represents the depository 
                        institution or depository institution holding 
                        company for compensation.'';
            (3) by redesignating paragraphs (2) through (6) as 
        paragraphs (3) through (7), respectively;
            (4) by inserting after paragraph (1) the following:
            ``(2) Application of penalties for supervisors.--A 
        supervisor of a covered financial services regulator, or a 
        supervisor of a senior examiner described in paragraph 
        (1)(B)(i), shall be subject to the penalties described in 
        paragraph (7) if the supervisor knowingly accepts compensation 
        during the 2-year period beginning on the date on which the 
        service of the supervisor is terminated--
                    ``(A) as--
                            ``(i) an employee;
                            ``(ii) an officer;
                            ``(iii) a director; or
                            ``(iv) a consultant; and
                    ``(B) from--
                            ``(i) a depository institution;
                            ``(ii) a depository institution holding 
                        company that is designated by the Financial 
                        Stability Oversight Council as a systemically 
                        important financial market utility under 
                        section 804 of the Payment, Clearing, and 
                        Settlement Supervision Act of 2010 (12 U.S.C. 
                        5463); or
                            ``(iii) a business entity, firm, or 
                        association that represents an institution 
                        described in clause (ii) for compensation.'';
            (5) in paragraph (3), as so redesignated--
                    (A) by redesignating subparagraphs (A) and (B) as 
                subparagraphs (C) and (D), respectively; and
                    (B) by inserting before subparagraph (C), as so 
                redesignated, the following:
                    ``(A) the term `covered financial services 
                agency'--
                            ``(i) means a primary financial regulatory 
                        agency (as defined in section 2 of the Dodd-
                        Frank Wall Street Reform and Consumer 
                        Protection Act (12 U.S.C. 5301)); and
                            ``(ii) includes--
                                    ``(I) the Board of Governors of the 
                                Federal Reserve System;
                                    ``(II) the Office of the 
                                Comptroller of the Currency;
                                    ``(III) the Federal Deposit 
                                Insurance Corporation;
                                    ``(IV) the National Credit Union 
                                Administration;
                                    ``(V) the Securities and Exchange 
                                Commission;
                                    ``(VI) the Federal Housing Finance 
                                Agency;
                                    ``(VII) the Bureau of Consumer 
                                Financial Protection;
                                    ``(VIII) the Commodity Futures 
                                Trading Commission;
                                    ``(IX) the Department of the 
                                Treasury;
                                    ``(X) the National Economic 
                                Council; and
                                    ``(XI) the Council of Economic 
                                Advisers;
                    ``(B) the term `covered financial services 
                regulator' means an officer or employee of a covered 
                financial services agency who occupies--
                            ``(i) a supervisory position classified 
                        above GS-15 of the General Schedule;
                            ``(ii) 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
                            ``(iii) any other supervisory position 
                        determined to be of equal classification as a 
                        position described in clause (i) by the 
                        Director of the Office of Government Ethics;'';
            (6) in paragraph (4), as so redesignated, by striking ``or 
        other company'' each place it appears and inserting ``or other 
        company, firm, or association''; and
            (7) in paragraph (7), as so redesignated--
                    (A) in subparagraph (A)--
                            (i) in the matter preceding clause (i), by 
                        striking ``other company'' and inserting 
                        ``other company, firm, or association''; and
                            (ii) in clause (i)(I), by striking ``other 
                        company'' and inserting ``other company, firm, 
                        or association''; and
                    (B) in subparagraph (C), by striking ``a company'' 
                and inserting ``a company, firm, or association''.
    (b) Technical and Conforming Amendments.--Section 10(k) of the 
Federal Deposit Insurance Act (12 U.S.C. 1820(k)) is amended--
            (1) in paragraph (1), in the matter preceding subparagraph 
        (A), by striking ``paragraph (6)'' and inserting ``paragraph 
        (7)'';
            (2) in paragraph (5)(A), as so redesignated, by striking 
        ``paragraph (1)(B)'' and inserting ``paragraphs (1)(B) and 
        (2)''; and
            (3) in paragraph (7), as so redesignated--
                    (A) in subparagraph (A)--
                            (i) by striking ``subject to paragraph 
                        (1)'' and inserting ``subject to paragraph (1) 
                        or (2)''; and
                            (ii) by striking ``paragraph (1)(C)'' and 
                        inserting ``paragraph (1)(C) or (2)''; and
                    (B) in subparagraph (C)--
                            (i) by striking ``person described in 
                        paragraph (1)'' and inserting ``person 
                        described in paragraph (1) or (2)''; and
                            (ii) by striking ``the functions described 
                        in paragraph (1)(B)'' and inserting ``the 
                        functions or duties described in paragraph 
                        (1)(B) or (2)''.

SEC. 7. SEVERABILITY.

    If any provision of this Act or any amendment made by this Act, or 
any application of such provision or amendment to any person or 
circumstance, is held to be unconstitutional, the remainder of the 
provisions of this Act and the amendments made by this Act and the 
application of the provision or amendment to any other person or 
circumstance shall not be affected.
                                 <all>