January 03, 2014
SEC’s Revolving Door To Turn A Little Slower
Some senior employees of the Securities and Exchange Commission who leave for the private sector soon will be subject to the same restrictions that have long applied to most ex-SEC senior staff on lobbying their former agency.
The new regulation, which takes effect in April 2014, eliminates agency-requested exemptions for certain staff litigators from rules that bar them for a year once they’ve left federal employment from “knowingly making, with the intent to influence, any communication to or appearance before an employee of the department or agency in which he served in any capacity.” The rule applies to senior employees earning 86.5 percent of the rate of basic pay payable for level II of the Executive Schedule.
The Office of Government Ethics published the final rule in the Federal Register on Thursday.