Page:United States Statutes at Large Volume 107 Part 3.djvu/465

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PUBLIC LAW 103-204—DEC. 17, 1993 107 STAT. 2403 "(3) REGULATIONS CONCERNING INDEPENDENT CONTRAC- TORS.—The Board of Directors, with the concurrence of the Office of Government Ethics, shall prescribe regulations applicable to those independent contractors who are not deemed, under paragraph (I)(B), to be employees of the Corporation for purposes of title 18, United States Code, governing conflicts of interest, ethical responsibilities, and the use of confidential information consistent with the goals and purposes of titles 18 and 41, United States Code. Any such regulations shall be in addition to, and not in lieu of, any other statute or regulation which may apply to the conduct of such independent contractors. "(4) DISAPPROVAL OF CONTRACTORS. — "(A) IN GENERAL.— The Board of Directors shall pre- Regulations. scribe regulations establishing procedures for ensuring that any individual who is performing, directly or indirectly, any function or service on behalf of the Corporation meets minimum standards of competence, experience, integrity, and fitness. "(B) PROHIBITION FROM SERVICE ON BEHALF OF COR- PORATION.— The procedures established under subparagraph (A) shall provide that the Corporation shall prohibit any person who does not meet the minimum standards of competence, experience, integrity, and fitness from— "(i) entering into any contract with the Corporation; or "(ii) becoming employed by the Corporation or otherwise performing any service for or on behalf of the Corporation. " (C) INFORMATION REQUIRED TO BE SUBMITTED. —The procedures established under subparagraph (A) shall require that any offer submitted to the Corporation by any person under this section and any employment application submitted to the Corporation by any person shall include— "(i) a list and description of any instance during the 5 years preceding the submission of such application in which the person or a company under such person's control defaulted on a material obligation to an insured depository institution; and "(ii) such other information as the Board may prescribe by regulation. "(D) SUBSEQUENT SUBMISSIONS.— "(i) IN GENERAL. —No offer submitted to the Corporation may be accepted unless the offeror agrees that no person will be employed, directlv or indirectly, by the oneror under any contract with me Corporation unless— "(I) all applicable information described in subpcuragraph (C) with respect to any such person is submitted to the Corporation; and "(11) the Corporation does not disapprove of the direct or indirect employment of such person, "(ii) FlNAUTY OF DETERMINATION.—Any determination made by the Corporation pursuant to this paragraph shall be in the Corporation's sole discretion and shall not be subject to review.