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On November 18, 2016, the US Federal Reserve Board announced
that it was broadening the scope of post-employment restrictions
applicable to senior examiners and officers of Federal Reserve
Banks. The revised rule broadens the one- year bar on accepting
paid work from a financial institution from applying to only
examiners who are "central points of contacts" (CPCs) to
include deputy CPCs, senior supervisory officers (SSOs), deputy
SSOs, enterprise risk officers and supervisory team leaders. The
new policy also prohibits former Federal Reserve Bank officers from
representing third parties before current Federal Reserve employees
for one year after leaving their position, and imposes a one-year
ban on current employees discussing official business with these
former officers.
The restriction on former officers became effective on December
5, 2016, and the restriction on senior examiner employment will
become effective on January 2, 2017.
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