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Financial Regulators Revolving Door Enforcement Act

USA118th CongressHR-7121| House 
| Updated: 1/29/2024
Adam B. Schiff

Adam B. Schiff

Democratic Senator

California

Cosponsors (1)
Maxwell Frost (Democratic)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial Regulators Revolving Door Enforcement Act This bill places revolving door limitations on certain individuals for two years after they have left employment with (1) specified federal financial regulators, or (2) regulated insured depository institutions or credit unions. First, the bill prohibits certain individuals from employment or consulting positions at specified federal financial regulators for two years. Specifically, this prohibition applies to individuals employed as financial executive officers at an insured depository institution or credit union that, during the last 20 years, was the subject of an official action by that regulator (e.g., was awarded a contract or was the target of an investigation). The bill also prohibits former senior agency employees at specified federal financial regulators from accepting employment from a regulated insured depository institution or credit union for two years. These former employees are also restricted with respect to contacting the regulator on behalf of a third party. These revolving door limitations are lifted two years after holding the qualifying position, however, compliance with specified disclosures is required for five years. Federal financial regulators must annually provide conflict of interest and ethics training to senior employees. The Department of Justice may impose civil penalties for violations under this bill.
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Timeline
Jan 29, 2024
Introduced in House
Jan 29, 2024
Referred to the House Committee on Financial Services.
  • January 29, 2024
    Introduced in House


  • January 29, 2024
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Financial Regulators Revolving Door Enforcement Act

USA118th CongressHR-7121| House 
| Updated: 1/29/2024
Financial Regulators Revolving Door Enforcement Act This bill places revolving door limitations on certain individuals for two years after they have left employment with (1) specified federal financial regulators, or (2) regulated insured depository institutions or credit unions. First, the bill prohibits certain individuals from employment or consulting positions at specified federal financial regulators for two years. Specifically, this prohibition applies to individuals employed as financial executive officers at an insured depository institution or credit union that, during the last 20 years, was the subject of an official action by that regulator (e.g., was awarded a contract or was the target of an investigation). The bill also prohibits former senior agency employees at specified federal financial regulators from accepting employment from a regulated insured depository institution or credit union for two years. These former employees are also restricted with respect to contacting the regulator on behalf of a third party. These revolving door limitations are lifted two years after holding the qualifying position, however, compliance with specified disclosures is required for five years. Federal financial regulators must annually provide conflict of interest and ethics training to senior employees. The Department of Justice may impose civil penalties for violations under this bill.
View Full Text

Suggested Questions

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Timeline
Jan 29, 2024
Introduced in House
Jan 29, 2024
Referred to the House Committee on Financial Services.
  • January 29, 2024
    Introduced in House


  • January 29, 2024
    Referred to the House Committee on Financial Services.
Adam B. Schiff

Adam B. Schiff

Democratic Senator

California

Cosponsors (1)
Maxwell Frost (Democratic)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted