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Employment Restrictions for Former Financial Regulators and Bank Executives

This act introduces new rules for the employment of former financial agency employees and executives of banks and credit unions. It aims to prevent conflicts of interest and increase trust in financial institutions, which could indirectly affect the stability of your savings and loans.
Key points
Former senior financial agency employees will be restricted for 2 years from working for or consulting with institutions they regulated.
Former financial executives of banks and credit unions that were subject to agency actions will be restricted for 2 years from working for those agencies.
Mandatory disclosures of employment information for former officials and executives are introduced to ensure transparency.
Financial agencies will be required to provide ethics and conflict of interest training to their employees.
Financial penalties are established for violations of these rules, aiming to increase accountability and integrity in the financial sector.
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Expired
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Additional Information
Print number: 118_HR_7121
Sponsor: Rep. Schiff, Adam B. [D-CA-30]
Process start date: 2024-01-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Regulators Revolving Door Enforcement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7121.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-29.

What are the main provisions?

Key points include:

  • Former senior financial agency employees will be restricted for 2 years from working for or consulting with institutions they regulated.
  • Former financial executives of banks and credit unions that were subject to agency actions will be restricted for 2 years from working for those agencies.
  • Mandatory disclosures of employment information for former officials and executives are introduced to ensure transparency.
  • Financial agencies will be required to provide ethics and conflict of interest training to their employees.
  • Financial penalties are established for violations of these rules, aiming to increase accountability and integrity in the financial sector.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schiff, Adam B. [D-CA-30].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law