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Federal Reserve Tightens Rules Addressing Alleged “Revolving Door” With Wall Street

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The Federal Reserve said it has expanded its curbs on bank supervisors departing for private practice, moving to address criticisms of an alleged “revolving door” between the regulator and Wall Street.

The central bank’s new measures, which apply solely to supervision employees, are designed to tighten the restraints it poses on officials leaving for financial institutions and to “promote consistency in post-employment ethics rules” across the system, the Fed said.

The Fed already had a one-year cooling-off period for senior officials leaving the Fed and accepting paid work from a financial institution for which they had primary responsibility in their last 12 months at the central bank. That rule applied primarily to officials who were “central points of contact” as key supervisors of firms with more than $10 billion in assets.

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