Bill > S1627

This bill seeks to modify the appointment process for the Inspector General (IG) of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection (CFPB). Specifically, the bill would require that the Inspector General be appointed by the President and confirmed by the Senate, bringing these positions in line with other federal agency Inspector General roles. The legislation amends existing law to grant the Inspector General full investigative authorities for both the Federal Reserve and the CFPB, including the ability to conduct investigations of Federal reserve banks without needing prior permission. The bill also ensures that the IG for these institutions will have similar oversight responsibilities and protections as other federal agency IGs, such as those at the Department of the Treasury. By making these changes, the bill aims to enhance accountability and independent oversight of these important financial regulatory institutions, ensuring that their Inspector General can effectively investigate potential misconduct or inefficiencies without undue restrictions.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1627/all-info