[Page S3566]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3977. Mr. LEVIN (for himself, Mr. Coburn, and Mr. Kaufman) 
submitted an amendment intended to be proposed by him to the bill S. 
3217, to promote the financial stability of the United States by 
improving accountability and transparency in the financial system, to 
end ``too big to fail'', to protect the American taxpayer by ending 
bailouts, to protect consumers from abusive financial services 
practices, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end, add the following:

     SEC. 1211. COOLING OFF PERIOD.

       Section 207 of title 18, United States Code, is amended by 
     adding at the end the following:
       ``(m) One-year Restriction on Federal Financial 
     Regulators.--
       ``(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 a covered Federal agency;
       ``(B) served 2 or more months during the final 12 months of 
     the employment of the person with the covered Federal agency 
     participating personally and substantially on behalf of the 
     covered Federal agency in the regulation or oversight of, or 
     in an enforcement action against, a particular financial 
     institution or holding company; and
       ``(C) within 1 year after the completion date of the 
     service or employment of the person with the covered Federal 
     agency, knowingly accepts compensation as an employee, 
     officer, director, or consultant from--
       ``(i) the financial institution described in subparagraph 
     (B), any holding company that controls the financial 
     institution, or any other company that controls the financial 
     institution; or
       ``(ii) the holding company described in subparagraph (B), 
     or any other financial institution that is controlled by such 
     holding company,

     shall be punished as provided in section 216 of this title.
       ``(2) Definitions.--For purposes of this subsection--
       ``(A) the term `covered Federal agency' means the Office of 
     the Comptroller of the Currency, the Federal Deposit 
     Insurance Corporation, the Board of Governors of the Federal 
     Reserve System, each Federal Reserve Bank, the National 
     Credit Union Administration, the Financial Stability 
     Oversight Council, the Securities and Exchange Commission, 
     the Commodities Futures Trading Commission, the Bureau of 
     Consumer Financial Protection, and the Public Company 
     Accounting Oversight Board;
       ``(B) the term `financial institution' means any business 
     or holding company that is registered with or regulated by a 
     covered Federal agency, including any foreign financial 
     institution or holding company that has a physical location 
     in any State and is registered with or regulated by a covered 
     Federal agency; and
       ``(C) the term `consultant' means a person who works 
     personally and substantially on matters for, or on behalf of, 
     a financial institution or holding company.
       ``(3) Regulations.--
       ``(A) In general.--Each covered Federal agency may 
     prescribe rules or guidance to administer and carry out this 
     section, including to define the scope of persons referred to 
     in paragraphs (1) and (2)(C), and the financial institutions 
     and holding companies referred to in paragraph (2)(B).
       ``(B) Consultation.--A covered Federal agency may consult 
     with other covered Federal agencies for the purpose of 
     ensuring that the rules and guidance issued by the agencies 
     under subparagraph (A) are, to the extent possible, 
     consistent, comparable, and practicable, taking into account 
     any differences in the regulatory and oversight programs used 
     by the covered Federal agencies for the supervision of 
     financial institutions and holding companies.
       ``(4) Waiver.--A Federal agency may grant a waiver, on a 
     case by case basis, of the restriction imposed by this 
     subsection to any officer or employee (including any special 
     Government employee) of the covered Federal agency, if the 
     head of the covered Federal agency, or the chairman of its 
     board of directors, certifies in writing that granting the 
     waiver would not impair the integrity of the regulatory and 
     oversight efforts of the covered Federal agency.
       ``(5) Penalties.--In addition to any other administrative, 
     civil, or criminal remedy or penalty that may otherwise 
     apply, whenever a Federal agency determines that a person 
     subject to paragraph (1) has become associated, in the manner 
     described in paragraph (1)(C), with a financial institution, 
     holding company, or other company in violation of this 
     section, the agency shall impose upon such person one or more 
     of the following penalties:
       ``(A) Industry-wide prohibition order.--The Federal agency 
     may, subject to notice and an administrative hearing, issue 
     an order--
       ``(i) to remove such person from office or to prohibit such 
     person from further participation in the conduct of the 
     affairs of the financial institution, holding company, or 
     other company for a period of up to 5 years; and
       ``(ii) to prohibit any further participation by such 
     person, in any manner, in the conduct of the affairs of any 
     financial institution or holding company subject to 
     regulation or oversight by the agency for a period of up to 5 
     years.
       ``(B) Civil monetary penalty.--The Federal agency may, in 
     an administrative proceeding or civil action in an 
     appropriate United States district court, impose upon such 
     person a civil monetary penalty of not more than $250,000. In 
     lieu of an action by the Federal agency under this 
     subparagraph, the Attorney General of the United States may 
     bring a civil action under this subparagraph in the 
     appropriate United States district court.''.
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