II 108th CONGRESS 2d Session S. 2814 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.

1.

Short title

This Act may be cited as the Bank Examiner Postemployment Protection Act.

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. .