CLARKSBURG, W.Va. (WBOY) — West Virginia Sen. Joe Manchin (D) announced he has reintroduced a bill that would make it easier for people who have been convicted of criminal offenses involving dishonesty or a breach of trust or money laundering to get jobs in the financial services industry.

The bill is called the “Fair Hiring in Banking Act”, according to a press release from Joe Manchin’s office. Congress’ website includes the full text of a previous version of the bill, which shows it would amend Section 19 of the Federal Deposit Insurance Act (12 U.S.C. 1829).

Currently, the law is as such:

§1829. Penalty for unauthorized participation by convicted individual

(a) Prohibition

(1) In general

Except with the prior written consent of the Corporation-

(A) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such offense, may not-

(i) become, or continue as, an institution-affiliated party with respect to any insured depository institution;

(ii) own or control, directly or indirectly, any insured depository institution; or

(iii) otherwise participate, directly or indirectly, in the conduct of the affairs of any insured depository institution; and

(B) any insured depository institution may not permit any person referred to in subparagraph (A) to engage in any conduct or continue any relationship prohibited under such subparagraph.

Federal Deposit Insurance Act

The full text of the bill sent in Manchin’s release shows the “Fair Hiring in Banking Act” would modify the law so that after a seven-year waiting period for those convicted as adults, or a 30-month waiting period for those convicted when they were younger than 21, or after a conviction has been pardoned, sealed or expunged, prior written consent will no longer be required.

That prior written consent comes in the form of a Federal Deposit Insurance Corporation or National Credit Union Administration waiver, according to the release.

There would be exceptions for those convicted of applicable offenses who intend to acquire control of banks or credit unions or who seek to become a director or executive officer of banks or credit unions.

The bill was also introduced in the first session of the 117th Congress by Rep. Joyce Beatty (D-OH) in November 2021. It passed in the House of Representatives but did not pass in the Senate.