Page:United States Statutes at Large Volume 118.djvu/3781

 118 STAT. 3751 PUBLIC LAW 108–458—DEC. 17, 2004 (F) ways to improve the setting of priorities and coordination of United States efforts to detect, track, dis- rupt, and stop terrorist financing, including recommenda- tions for changes in executive branch organization or proce- dures, legislative reforms, additional resources, or use of appropriated funds. (b) POSTEMPLOYMENT RESTRICTION FOR CERTAIN BANK AND THRIFT EXAMINERS.—Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is amended by adding at the end the following: ‘‘(k) ONE-YEAR RESTRICTIONS ON FEDERAL EXAMINERS OF FINANCIAL INSTITUTIONS.— ‘‘(1) IN GENERAL.—In addition to other applicable restric- tions set forth in title 18, United States Code, the penalties set forth in paragraph (6) of this subsection shall apply to any person who— ‘‘(A) was an officer or employee (including any special Government employee) of a Federal banking agency or a Federal reserve bank; ‘‘(B) served 2 or more months during the final 12 months of his or her employment with such 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 institu- tion or depository institution holding company on behalf of the relevant agency or Federal reserve bank; and ‘‘(C) within 1 year after the termination date of his or her service or employment with such agency or entity, knowingly accepts compensation as an employee, officer, director, or consultant from— ‘‘(i) such depository institution, any depository institution holding company that controls such deposi- tory institution, or any other company that controls such depository institution; or ‘‘(ii) such depository institution holding company or any depository institution that is controlled by such depository institution holding company. ‘‘(2) DEFINITIONS.—For purposes of this subsection— ‘‘(A) the term ‘depository institution’ includes an unin- sured branch or agency of a foreign bank, if such branch or agency is located in any State; and ‘‘(B) the term ‘depository institution holding company’ includes any foreign bank or company described in section 8(a) of the International Banking Act of 1978. ‘‘(3) RULES OF CONSTRUCTION.—For purposes of this sub- section, a foreign bank shall be deemed to control any branch or agency of the foreign bank, and a person shall be deemed to act as a consultant for a depository institution, depository institution holding company, or other company, only if such person directly works on matters for, or on behalf of, such depository institution, depository institution holding company, or other company. ‘‘(4) REGULATIONS.— ‘‘(A) IN GENERAL.—Each Federal banking agency shall prescribe rules or regulations to administer and carry out this subsection, including rules, regulations, or guidelines Applicability. VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00285 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

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