Close the Bank Examiner Revolving Door Act

H.R. 5097, the Close the Bank Examiner Revolving Door Act, would prohibit federal bank examiners and other banking supervisors from accepting a job or position at a private bank for one year after leaving government service. To enforce this rule, the bill mandates that any former official who violates this cooling-off period would forfeit their federal retirement and other government benefits. By creating a mandatory waiting period, the legislation aims to prevent conflicts of interest and ensure that those responsible for overseeing the banking industry remain impartial and independent from the institutions they regulate.