Sec. 6. Restrictions on Federal examiners and supervisors of financial institutions
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Section 10(k) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(k) ) is amended— in the subsection heading— by striking and inserting One-Year ; and Two-Year by striking and inserting Examiners ; Examiners and Supervisors in paragraph (1)— by striking subparagraph
(B)and inserting the following: served— 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 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 in subparagraph (C)— in the matter preceding clause (i), by striking 1 year and inserting 2 years ; in clause (i)— by striking other company and inserting other company, firm, or association ; and by striking or at the end; in clause (ii), by striking the period at the end and inserting ; or ; and by adding at the end the following: a business entity, firm, or association that represents the depository institution or depository institution holding company for compensation. ; by redesignating paragraphs
(2)through
(6)as paragraphs
(3)through (7), respectively; by inserting after paragraph
(1)the following: 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— as— an employee; an officer; a director; or a consultant; and from— a depository institution; 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 a business entity, firm, or association that represents an institution described in clause
(ii)for compensation. ; in paragraph (3), as so redesignated— by redesignating subparagraphs
(A)and
(B)as subparagraphs
(C)and (D), respectively; and by inserting before subparagraph (C), as so redesignated, the following: the term covered financial services agency — 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 includes— the Board of Governors of the Federal Reserve System; the Office of the Comptroller of the Currency; the Federal Deposit Insurance Corporation; the National Credit Union Administration; the Securities and Exchange Commission; the Federal Housing Finance Agency; the Bureau of Consumer Financial Protection; the Commodity Futures Trading Commission; the Department of the Treasury; the National Economic Council; and the Council of Economic Advisers; the term covered financial services regulator means an officer or employee of a covered financial services agency who occupies— a supervisory position classified above GS–15 of the General Schedule; 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 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; ; in paragraph (4), as so redesignated, by striking or other company each place it appears and inserting or other company, firm, or association ; and in paragraph (7), as so redesignated— in subparagraph (A)— in the matter preceding clause (i), by striking other company and inserting other company, firm, or association ; and in clause (i)(I), by striking other company and inserting other company, firm, or association ; and in subparagraph (C), by striking a company and inserting a company, firm, or association . Section 10(k) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(k) ) is amended— in paragraph (1), in the matter preceding subparagraph (A), by striking paragraph
(6)and inserting paragraph
(7); in paragraph (5)(A), as so redesignated, by striking paragraph (1)(B) and inserting paragraphs (1)(B) and
(2); and in paragraph (7), as so redesignated— in subparagraph (A)— by striking subject to paragraph
(1)and inserting subject to paragraph
(1)or
(2); and by striking paragraph (1)(C) and inserting paragraph (1)(C) or
(2); and in subparagraph (C)— by striking person described in paragraph
(1)and inserting person described in paragraph
(1)or
(2); and by striking the functions described in paragraph (1)(B) and inserting the functions or duties described in paragraph (1)(B) or
(2).
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Sec. 6
Restrictions on Federal examiners and supervisors of financial institutions
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