Agencies Propose Rules on Post-Employment Restrictions for Senior Examiners - Circulars

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Circular

Agencies Propose Rules on Post-Employment Restrictions for Senior Examiners

August 8, 2005

Circular No. 11723

To All Depository Institutions and Others
Concerned in the Second Federal Reserve District:

The federal banking regulatory agencies have issued proposed rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank, as required by the Intelligence Reform and Terrorism Prevention Act of 2004.

Comments are due 60 days from August 5.

Under the proposal, if an examiner serves as the senior examiner for a depository institution or depository institution holding company for two or more months during the examiner's final twelve months of employment with an agency or Reserve Bank, the examiner may not knowingly accept compensation as an employee, officer, director, or consultant from that institution or holding company, or from certain related entities.

The restriction applies for one year after leaving the employment of the agency or Reserve Bank.

Press release OFFSITE
Interagency notice PDF

Contact:
Margaret Elizabeth Brush
Officer
Resource and Logistics Management
margaret.brush@ny.frb.org

William L. Rutledge
Executive Vice President

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