[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2814 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                 S. 2814

To impose a 1-year cooling off period before a senior Federal financial 
  institutions examiner may be employed by the financial institution 
                        examined by that person.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 20, 2004

Mr. Levin (for himself and Mr. Coleman) introduced the following bill; 
  which was read twice and referred to the Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
To impose a 1-year cooling off period before a senior Federal financial 
  institutions examiner may be employed by the financial institution 
                        examined by that person.

    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 ``Bank Examiner Postemployment 
Protection Act''.

SEC. 2. ONE-YEAR POSTEMPLOYMENT RESTRICTION.

     Section 207 of title 18, United States Code, is amended by adding 
at the end the following new subsection:
    ``(m) One-year Restrictions on Federal Examiners of Financial 
Institutions.--
            ``(1) In general.--In addition to the restrictions set 
        forth in subsections (a) and (b), any person who--
                    ``(A) was an officer or employee (including any 
                special Government employee) of an appropriate Federal 
                banking agency, a Federal reserve bank, or the National 
                Credit Union Administration;
                    ``(B) served 1 or more months during the final 12 
                months of his or her employment with such agency or 
                entity as a senior Federal examiner of a particular 
                financial institution, including any holding company 
                thereof, or in a functionally equivalent position with 
                respect to a particular financial institution or 
                holding company thereof; and
                    ``(C) within 1 year after the termination of his or 
                her service or employment with such agency or entity, 
                knowingly accepts compensation as an employee, officer, 
                director, or consultant from such financial institution 
                or holding company, subsidiary, or affiliate,
        shall be punished as provided in section 216 of this title.
            ``(2) Definitions.--For purposes of this subsection_
                    ``(A) the term `appropriate Federal banking agency' 
                has the same meaning as in section 3 of the Federal 
                Deposit Insurance Act;
                    ``(B) the term `financial institution' means a 
                depository institution, as defined in section 3 of the 
                Federal Deposit Insurance Act, an industrial bank 
                described in section 2(c)(2)(H) of the Bank Holding 
                Company Act of 1956, or a Federal credit union, as 
                defined in section 101 of the Federal Credit Union 
                Act.''.
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