Agencies propose rules on post-employment restrictions for senior examiners.The federal banking regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. issued proposed rules on August 4, 2005, 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 The Intelligence Reform and Terrorism Prevention Act of 2004 (IRTPA) is an Act of Congress introduced by U.S. Senator Susan M. Collins of Maine. The Senate approved the bill 89-2, and President George W. Bush signed the Act on 17 December 2004, making it law. of 2004. Under the proposal, if an examiner serves as the senior examiner for a depository institution Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. 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. If an examiner violates the one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants restriction, the act requires the appropriate federal banking agency to seek an order of removal and industry-wide employment prohibition prohibition, legal prevention of the manufacture, transportation, and sale of alcoholic beverages, the extreme of the regulatory liquor laws. The modern movement for prohibition had its main growth in the United States and developed largely as a result of the for up to five years, a civil money penalty of up to $250,000, or both. The agencies' proposed rules are substantively similar and vary slightly to reflect differences in the supervisory programs and jurisdictions of the agencies. Comments on the proposed rules are due sixty days after publication in the Federal Register, which was on August 5, 2005. |
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