H.R. 7121 · 118th Congress
Financial Regulators Revolving Door Enforcement Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SchiffSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Jan 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Regulators Revolving Door Enforcement Act
Latest action (Jan 29, 2024): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 29, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.