3.0.0 1779 2023-01-11T13:30:06Z 2023-01-11T13:30:06Z Senate S 2015-07-15 114 ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred to 2015-07-15T21:50:48Z Financial Services Conflict of Interest Act 114 3065 HR 2015-07-29 Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations. Identical bill CRS We the People Act of 2016 114 5494 HR 2016-06-16 Referred to the Committee on House Administration, and in addition to the Committees on the Judiciary, Oversight and Government Reform, Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS We the People Act of 2016 114 6 S 2016-06-16 Read twice and referred to the Committee on Rules and Administration. Related bill CRS 2015-07-15 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. IntroReferral 2015-07-15 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2015-07-15 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2015-07-15 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2015-07-21 False M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2015-09-28 False G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2016-06-10 False Government Operations and Politics Banking and financial institutions regulation Civil actions and liability Commodity Futures Trading Commission Consumer Financial Protection Bureau Department of the Treasury Employee benefits and pensions Employee hiring Federal Deposit Insurance Corporation (FDIC) Federal Housing Finance Agency Federal Reserve System Federal officials Financial services and investments Fraud offenses and financial crimes Government employee pay, benefits, personnel management Government ethics and transparency, public corruption National Credit Union Administration Personnel records Public contracts and procurement Securities and Exchange Commission (SEC) Wages and earnings Government Operations and Politics 00 2015-07-15 Introduced in Senate 2016-03-15T20:21:02Z Financial Services Conflict of Interest Act

This bill amends the federal criminal code to declare that any pension, retirement, group life, health or accident insurance, profit-sharing, stock bonus, or other employee welfare or benefit plan maintained by a federal employee's former private sector employer that makes payment of compensation contingent on accepting a position in the federal government shall not be considered exempt from certain conflict-of-interest restrictions.

The Ethics in Government Act of 1978 is amended with respect to a financial services regulator who occupies a specified supervisory position within a primary financial regulatory agency, including among specified others the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, and the Securities and Exchange Commission.

A financial services regulator shall not make, participate in making, or in any way attempt to use his or her official position to influence a particular matter that provides a direct and substantial pecuniary benefit for a former employer or former client. The regulator must recuse himself or herself from any official action that would provide such a benefit.

Moreover, the regulator may not knowingly participate in any matter which involves an individual or entity with which the regulator is negotiating prospective employment.

If the regulator is negotiating future employment with another entity, that fact must be disclosed to the designated agency ethics official.

The Director of the Office of Government Ethics must discharge certain recordkeeping duties to implement this Act, and refer any non-compliance to the U.S. Attorney for the District of Columbia.

The bill subjects violators of this Act to specified federal civil and criminal penalties.

The bill also increases from one to two years the period during which a former federal procurement officer responsible for a particular federal contract may not accept compensation from the contractor, including for lawyering or lobbyist services. This prohibition shall extend to accepting compensation from affiliates and subcontractors.

Procurement officials must also disclose contacts with procurement bidders or offerors about possible non-federal employment for a relative.

A federal employee may not be personally and substantially involved with the award or administration of a contract to a former employer for two years after leaving the employer.

Federal criminal law is amended to prohibit compensation for a former regulator:

  • for a one-year period for legal representation, lobbying, or assistance for any person (except the United States) in any judicial proceeding pending under his or her official responsibility as a regulator; or
  • for a two-year period for similar activities on behalf of any person (except the United States) before any executive branch agency or Congress in connection with any pending matter.

The Federal Deposit Insurance Act (FDIA) is amended to expand from one to two years the conflict-of-interest restrictions on federal examiners. These restrictions shall apply also to supervisors of up to five financial institutions.

The FDIA subjects to specified penalties the supervisor of a large financial service regulatory agency as well as the supervisor of a senior examiner for knowingly accepting compensation during the prohibited two-year period after the individual's regulatory service ends.

]]> Financial Services Conflict of Interest Act Display Title Financial Services Conflict of Interest Act Official Title as Introduced A bill to prevent conflicts of interest that stem from executive Government employees receiving bonuses or other compensation arrangements from nongovernment sources, from the revolving door that raises concerns about the independence of financial services regulators, and from the revolving door that casts aspersions over the awarding of Government contracts and other financial benefits. Introduced in Senate IS Short Titles as Introduced Financial Services Conflict of Interest Act Introduced in Senate 2015-07-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1779is/xml/BILLS-114s1779is.xml 2015-07-15 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.