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[House Report 111-114]
[From the U.S. Government Publishing Office]

111th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 1st Session                                                    111-114 
======================================================================
 
 IMPROVED FINANCIAL AND COMMODITY MARKETS OVERSIGHT AND ACCOUNTABILITY 
                                  ACT

                                _______
                                

  May 18, 2009.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

   Mr. Towns, from the Committee on Oversight and Government Reform, 
                        submitted the following

                              R E P O R T

                        [To accompany H.R. 885]

      [Including cost estimate of the Congressional Budget Office]

  The Committee on Oversight and Government Reform, to whom was 
referred the bill (H.R. 885) to elevate the Inspector General 
of certain Federal entities to an Inspector General appointed 
pursuant to section 3 of the Inspector General Act of 1978, 
having considered the same, report favorably thereon with an 
amendment and recommend that the bill as amended do pass.

                            C O N T E N T S

                                                                   Page
Purpose and Summary..............................................     3
Background and Need for Legislation..............................     4
Legislative History..............................................     4
Section-By-Section...............................................     5
Explanation of Amendments........................................     5
Committee Consideration..........................................     6
Rollcall Votes...................................................     6
Application of Law to the Legislative Branch.....................     6
Statement of Oversight Findings and Recommendations of the 
  Committee......................................................     6
Statement of General Performance Goals and Objectives............     6
Constitutional Authority Statement...............................     6
Federal Advisory Committee Act...................................     7
Unfunded Mandates Statement......................................     7
Earmark Identification...........................................     7
Committee Estimate...............................................     7
Budget Authority and Congressional Budget Office Cost Estimate...     7
Changes in Existing Law Made by the Bill, as Reported............     8

    The amendment is as follows:
    Strike all after the enacting clause and insert the 
following:

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

  (a) Short Title.--This Act may be cited as the ``Improved Financial 
and Commodity Markets Oversight and Accountability Act''.
  (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Elevation of certain Inspectors General to appointment pursuant 
to section 3 of the Inspector General Act of 1978.
Sec. 3. Continuation of provisions relating to personnel.
Sec. 4. Subpoena authority of certain Inspectors General.
Sec. 5. Corrective responses by heads of certain establishments to 
deficiencies identified by Inspectors General.
Sec. 6. Effective date; transition rule.

SEC. 2. ELEVATION OF CERTAIN INSPECTORS GENERAL TO APPOINTMENT PURSUANT 
                    TO SECTION 3 OF THE INSPECTOR GENERAL ACT OF 1978.

  (a) Inclusion in Certain Definitions.--Section 12 of the Inspector 
General Act of 1978 (5 U.S.C. App.) is amended--
          (1) in paragraph (1), by striking ``or the Federal 
        Cochairpersons of the Commissions established under section 
        15301 of title 40, United States Code;'' and inserting ``the 
        Federal Cochairpersons of the Commissions established under 
        section 15301 of title 40, United States Code; the Chairman of 
        the Board of Governors of the Federal Reserve System; the 
        Chairman of the Commodity Futures Trading Commission; the 
        Chairman of the National Credit Union Administration; the 
        Director of the Pension Benefit Guaranty Corporation; or the 
        Chairman of the Securities and Exchange Commission;''; and
          (2) in paragraph (2), by striking ``or the Commissions 
        established under section 15301 of title 40, United States 
        Code,'' and inserting ``the Commissions established under 
        section 15301 of title 40, United States Code, the Board of 
        Governors of the Federal Reserve System, the Commodity Futures 
        Trading Commission, the National Credit Union Administration, 
        the Pension Benefit Guaranty Corporation, or the Securities and 
        Exchange Commission,''.
  (b) Exclusion From Definition of Designated Federal Entity.--Section 
8G(a)(2) of the Inspector General Act of 1978 (5 U.S.C. App.) is 
amended--
          (1) by striking ``the Board of Governors of the Federal 
        Reserve System,'';
          (2) by striking ``the Commodity Futures Trading 
        Commission,'';
          (3) by striking ``the National Credit Union 
        Administration,''; and
          (4) by striking ``the Pension Benefit Guaranty Corporation, 
        the Securities and Exchange Commission,''.

SEC. 3. CONTINUATION OF PROVISIONS RELATING TO PERSONNEL.

  (a) In General.--The Inspector General Act of 1978 (5 U.S.C. App.) is 
amended by inserting after section 8L the following:

``SEC. 8M. SPECIAL PROVISIONS CONCERNING CERTAIN ESTABLISHMENTS.

  ``(a) Definition.--For purposes of this section, the term `covered 
establishment' means the Board of Governors of the Federal Reserve 
System, the Commodity Futures Trading Commission, the National Credit 
Union Administration, the Pension Benefit Guaranty Corporation, and the 
Securities and Exchange Commission.
  ``(b) Provisions Relating to All Covered Establishments.--
          ``(1) Provisions relating to inspectors general.--In the case 
        of the Inspector General of a covered establishment, 
        subsections (b) and (c) of section 4 of the Inspector General 
        Reform Act of 2008 (Public Law 110-409) shall apply in the same 
        manner as if such covered establishment were a designated 
        Federal entity under section 8G. An Inspector General who is 
        subject to the preceding sentence shall not be subject to 
        section 3(e).
          ``(2) Provisions relating to other personnel.--
        Notwithstanding paragraphs (7) and (8) of section 6(a), the 
        Inspector General of a covered establishment may select, 
        appoint, and employ such officers and employees as may be 
        necessary for carrying out the functions, powers, and duties of 
        the Office of Inspector General of such establishment and to 
        obtain the temporary or intermittent services of experts or 
        consultants or an organization of experts or consultants, 
        subject to the applicable laws and regulations that govern such 
        selections, appointments, and employment, and the obtaining of 
        such services, within such establishment.
  ``(c) Provision Relating to the Board of Governors of the Federal 
Reserve System.--The provisions of subsection (a) of section 8D (other 
than the provisions of subparagraphs (A), (B), (C), and (E) of 
paragraph (1) of such subsection (a)) shall apply to the Inspector 
General of the Board of Governors of the Federal Reserve System and the 
Chairman of the Board of Governors of the Federal Reserve System in the 
same manner as such provisions apply to the Inspector General of the 
Department of the Treasury and the Secretary of the Treasury, 
respectively.''.
  (b) Conforming Amendment.--Paragraph (3) of section 8G(g) of the 
Inspector General Act of 1978 (5 U.S.C. App.) is repealed.

SEC. 4. SUBPOENA AUTHORITY OF CERTAIN INSPECTORS GENERAL.

  The Inspector General of the Board of Governors of the Federal 
Reserve System, the Commodity Futures Trading Commission, the National 
Credit Union Administration, the Pension Benefit Guaranty Corporation, 
or the Securities and Exchange Commission, in carrying out the 
provisions of the Inspector General Act of 1978 (5 U.S.C. App), is 
authorized to require by subpoena, from any officer or employee of a 
contractor or grantee of the establishment, any officer or employee of 
a subcontractor or subgrantee of such a contractor or grantee, or any 
person or entity regulated by the establishment, any records and 
testimony necessary in the performance of functions assigned to the 
Inspector General under such Act. Any such subpoena, in the case of 
contumacy or refusal to obey, shall be enforceable by order of any 
appropriate United States district court.

SEC. 5. CORRECTIVE RESPONSES BY HEADS OF CERTAIN ESTABLISHMENTS TO 
                    DEFICIENCIES IDENTIFIED BY INSPECTORS GENERAL.

  The Chairman of the Board of Governors of the Federal Reserve System, 
the Chairman of the Commodity Futures Trading Commission, the Chairman 
of the National Credit Union Administration, the Director of the 
Pension Benefit Guaranty Corporation, and the Chairman of the 
Securities and Exchange Commission shall each--
          (1) take action to address deficiencies identified by a 
        report or investigation of the Inspector General of the 
        establishment concerned; or
          (2) certify to both Houses of Congress that no action is 
        necessary or appropriate in connection with a deficiency 
        described in paragraph (1).

SEC. 6. EFFECTIVE DATE; TRANSITION RULE.

  (a) Effective Date.--This Act and the amendments made by this Act 
shall take effect 30 days after the date of the enactment of this Act.
  (b) Transition Rule.--An individual serving as Inspector General of 
the Board of Governors of the Federal Reserve System, the Commodity 
Futures Trading Commission, the National Credit Union Administration, 
the Pension Benefit Guaranty Corporation, or the Securities and 
Exchange Commission on the effective date of this Act pursuant to an 
appointment made under section 8G of the Inspector General Act of 1978 
(5 U.S.C. App.)--
          (1) may continue so serving until the President makes an 
        appointment under section 3(a) of such Act with respect to the 
        Board of Governors of the Federal Reserve System, the Commodity 
        Futures Trading Commission, the National Credit Union 
        Administration, the Pension Benefit Guaranty Corporation, or 
        the Securities and Exchange Commission, as the case may be, 
        consistent with the amendments made by section 2; and
          (2) shall, while serving under paragraph (1), remain subject 
        to the provisions of section 8G of such Act which, immediately 
        before the effective date of this Act, applied with respect to 
        the Inspector General of the Board of Governors of the Federal 
        Reserve System, the Commodity Futures Trading Commission, the 
        National Credit Union Administration, the Pension Benefit 
        Guaranty Corporation, or the Securities and Exchange 
        Commission, as the case may be, and suffer no reduction in pay.

                          Purpose and Summary

    H.R. 885, the ``Improved Financial and Commodity Markets 
Oversight and Accountability Act,'' was introduced by 
Representative John Larson on February 4, 2009. H.R. 885 amends 
the Inspector General Act of 1978 (IG Act) by elevating five 
financial regulatory agencies--the Commodity Futures Trading 
Commission, the National Credit Union Administration, the 
Securities and Exchange Commission, and the Pension Benefit 
Guaranty Corporation, and the Board of Governors of the Federal 
Reserve System--from ``Designated Federal Entities'' (DFEs) to 
``establishments'' for the purposes of the IG Act. This change 
primarily affects the process for appointment of Inspectors 
General (IGs) at the agencies. The position of inspector 
general at ``establishments'' is a presidential appointment 
made with the advice and consent of the Senate.
    As amended, H.R. 885 also ensures that the changes made by 
the legislation do not interfere with existing pay structures 
and personnel systems at these agencies, as they relate to the 
position of inspector general and other employees. 
Additionally, the legislation clarifies subpoena authority for 
these inspectors general and requires agency heads to report to 
Congress on recommendations made by the inspectors general.

                  Background and Need for Legislation

    The changes to the IG Act made by H.R. 885 primarily affect 
the process for appointing Inspectors General at certain 
financial regulatory agencies. Inspectors General at 
``establishments'' are appointed by the President and confirmed 
by the Senate. Inspectors General at agencies designated as 
DFEs are appointed by the head of the federal entity, rather 
than the President, and may also be removed by the head of the 
federal entity.
    H.R. 885 addresses inconsistencies in the IG Act, where 
some financial regulatory agencies like the Federal Deposit 
Insurance Corporation (FDIC) are ``establishments,'' and have 
an Inspector General appointed by the President and confirmed 
by the Senate, while other large financial regulatory agencies 
like the Securities and Exchange Commission (SEC) are DFEs and, 
therefore, have an inspector general who is appointed by the 
agency head. H.R. 885 would create a more consistent and 
independent structure by elevating the inspectors general at 
these five financial regulatory agencies to be Presidentially-
appointed, Senate confirmed positions.
    The IG Act was amended during the 110th Congress through 
the enactment of H.R. 928, the ``Inspector General Reform Act 
of 2008.'' The Inspector General Reform Act (P.L. No. 110-409) 
provides new authorities and protections to both establishment 
IGs and DFE IGs in a number of areas. While the Inspector 
General Reform Act of 2008 reduced many of the statutory 
disparities between presidential and DFE IG offices, the 
process by which DFE IGs are appointed was not addressed. In 
testimony before the Government Management, Organization, and 
Procurement Subcommittee on March 25, 2009, the Government 
Accountability Office stated, ``We believe that the differences 
in the appointment and removal processes between presidentially 
appointed IGs and those appointed by their agency heads result 
in a clear difference in the level of independence of the IGs. 
A general tenet to keep in mind is that the further removed the 
appointment source is form the entity to be audited, the 
greater level of independence.'' H.R. 885 would convert the IGs 
at these agencies to establishment IGs in order to enhance 
their independence.

                          Legislative History

    On March 25, 2009, the Subcommittee on Government 
Management, Organization, and Procurement held a hearing 
entitled, ``The Roles and Responsibilities of Inspectors 
General within Financial Regulatory Agencies.'' The Oversight 
and Government Reform Committee then held a markup of the bill 
on May 6, 2009. The Committee ordered the bill to be reported, 
as amended, by voice vote.

                           Section-by-Section

Sec.1. Short title

    The short title of the bill is the Improved Financial and 
Commodity Markets Oversight and Accountability Act.

Sec.2. Elevation of certain Inspectors General to appointment pursuant 
        to Section 3 of the Inspector General Act of 1978

    This section would amend the Inspector General Act of 1978 
by elevating the Board of Governors of the Federal Reserve 
System, the Commodity Futures Trading Commission, the National 
Credit Union Administration, the Pension Benefit Guaranty 
Corporation, and the Securities and Exchange Commission to 
``establishments'' for the purposes of the IG Act.

Sec.3. Continuation of provisions relating to personnel

    This section preserves the existing pay requirement for the 
position of inspector general at these agencies by ensuring 
that the position be classified at a grade, level, or rank 
designation consistent with those of a majority of the senior 
level executives (such as a General Counsel, Chief Information 
Officer, Chief Financial Officer, Chief Human Capital Officer, 
or Chief Acquisition Officer) at the agency. This section 
extends the current pay requirement for these IGs under 
subsections (b) and (c) of section 4 of the Inspector General 
Reform Act of 2008 (Public Law 110-409). The section also 
extends existing, agency-specific hiring and personnel system 
authority to these inspectors general so that the IGs may 
continue to hire personnel according to agency rules, with pay 
comparable to other employees at the agencies.

Sec. 4. Subpoena authority of certain Inspectors General

    This section authorizes the inspectors general at the 
agencies to subpoena records and testimony from any officer or 
employee of a contractor or grantee of the establishment, any 
officer or employee of a subcontractor or subgrantee of such a 
contractor or grantee, or any person or entity regulated by the 
establishment.

Sec. 5. Corrective Responses by Heads of Certain Establishments to 
        Deficiencies Identified by Inspectors General

    This section requires the heads of the five designated 
agencies take action to address deficiencies identified by a 
report or investigation of the Inspector General of the 
establishment concerned or to certify to both Houses of 
Congress that no action is necessary or appropriate.

                       Explanation of Amendments

    An amendment in the nature of a substitute was offered by 
Chairman Towns and accepted by the Committee on a voice vote. 
As with the legislation as introduced, the amendment elevates 
the inspectors general at five financial regulatory 
institutions to Presidentially-appointed, Senate confirmed 
positions. The amendment further ensures that the individuals 
who currently hold the position of Inspector General at the 
listed regulatory agencies do not suffer a reduction in pay as 
a result of the changes made by the bill. The amendment 
requires that the person holding the position of Inspector 
General be compensated at a rate consistent with the 
compensation for other high-ranking officials at the financial 
regulatory agencies. The amendment further ensures that 
employees of the Office of Inspector General continue to be 
employed under each agency's personnel system. The amendment 
also provides the Inspectors General of these agencies with the 
authority to subpoena records and testimony from the agencies 
and regulated entities. Lastly, the amendment requires the 
regulatory agencies to take action to address deficiencies 
identified by the Inspector General or to certify that such 
action is unnecessary. This is consistent with a requirement 
provided in legislation (S. 383) enacted earlier this year to 
strengthen the authority of the Special Inspector General for 
the Troubled Asset Relief Program (SIGTARP).

                        Committee Consideration

    On Wednesday, May 6, 2009, the Committee met in open 
session and favorably ordered H.R. 885, as amended, to be 
reported to the House by a voice vote.

                             Rollcall Votes

    No rollcall votes were taken.

              Application of Law to the Legislation Branch

    Section 102(b)(3) of Public Law 104-1 requires a 
description of the application of this bill to the legislative 
branch where the bill relates to terms and conditions of 
employment or access to public services and accommodations.
    H.R. 885 amends the Inspector General Act of 1978 by 
elevating five financial regulatory agencies to 
``establishments'' for the purposes of the IG Act. This bill 
does not relate to employment or access to public services and 
accommodations in the legislative branch.

  Statement of Oversight Findings and Recommendations of the Committee

    In compliance with clause 3(c)(1) of rule XIII and clause 
(2)(b)(1) of rule X of the Rules of the House of 
Representatives, the Committee's oversight findings and 
recommendations are reflected in the descriptive portions of 
this report, including the need to increase the independence of 
the inspectors general at financial regulatory agencies.

         Statement of General Performance Goals and Objectives

    In accordance with clause 3(c)(4) of rule XIII of the Rules 
of the House of Representatives, the Committee's performance 
goals and objectives are reflected in the descriptive portions 
of this report, including the requirement that inspectors 
general at five financial regulatory agencies be 
Presidentially-appointed and confirmed by the Senate.

                   Constitutional Authority Statement

    Under clause 3(d)(1) of rule XIII of the Rules of the House 
of Representatives, the Committee must include a statement 
citing the specific powers granted to Congress to enact the law 
proposed by H.R. 885. Article I, Section 8, Clause 18 of the 
Constitution of the United States grants the Congress the power 
to enact this law.

                     Federal Advisory Committee Act

    The Committee finds that the legislation does not establish 
or authorize the establishment of an advisory committee within 
the definition of 5 U.S.C. App., Section 5(b).

                      Unfunded Mandates Statement

    Section 423 of the Congressional Budget and Impoundment 
Control Act (as amended by Section 101(a)(2) of the Unfunded 
Mandates Reform Act, P.L. 104-4) requires a statement on 
whether the provisions of the report include unfunded mandates. 
In compliance with this requirement the Committee has received 
a letter from the Congressional Budget Office included herein.

                         Earmark Identification

    H.R. 885 does not include any congressional earmarks, 
limited tax benefits, or limited tariff benefits as defined in 
clause 9(d), 9(e), or 9(f) of rule XXI.

                           Committee Estimate

    Clause 3(d)(2) of rule XIII of the Rules of the House of 
Representatives requires an estimate and a comparison by the 
Committee of the costs that would be incurred in carrying out 
H.R. 885. However, clause 3(d)(3)(B) of that rule provides that 
this requirement does not apply when the Committee has included 
in its report a timely submitted cost estimate of the bill 
prepared by the Director of the Congressional Budget Office 
under section 402 of the Congressional Budget Act.

     Budget Authority and Congressional Budget Office Cost Estimate

    With respect to the requirements of clause 3(c)(2) of rule 
XIII of the Rules of the House of Representatives and section 
308(a) of the Congressional Budget Act of 1974 and with respect 
to requirements of clause 3(c)(3) of rule XIII of the Rules of 
the House of Representatives and section 402 of the 
Congressional Budget Act of 1974, the Committee has received 
the following cost estimate for H.R. 885 from the Director of 
the Congressional Budget Office:

                                                      May 11, 2009.
Hon. Edolphus Towns,
Chairman, Committee on Oversight and Government Reform,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 885, the Improved 
Financial and Commodity Markets Oversight and Accountability 
Act.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Matthew 
Pickford.
            Sincerely,
                                              Douglas W. Elmendorf.
    Enclosure.

H.R. 885--Improved Financial and Commodity Markets Oversight and 
        Accountability Act

    CBO estimates that enacting H.R. 885 would not have a 
significant impact on the federal budget. The legislation 
contains no intergovernmental or private-sector mandates as 
defined in the Unfunded Mandates Reform Act and would not 
affect the budgets of state, local, or tribal governments.
    H.R. 885 would amend the Inspector General Act of 1978 to 
require that future Inspectors General be appointed by the 
President rather than their respective agency heads. This 
requirement would apply to Inspectors General of the Board of 
Governors of the Federal Reserve System, the Commodity Futures 
Trading Commission, the National Credit Union Administration, 
the Pension Benefit Guaranty Corporation, and the Securities 
and Exchange Commission.
    The CBO staff contact for this estimate is Matthew 
Pickford. The estimate was approved by Theresa Gullo, Deputy 
Assistant Director for Budget Analysis.

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italic, existing law in which no change is 
proposed is shown in roman):

                     INSPECTOR GENERAL ACT OF 1978

           *       *       *       *       *       *       *
   REQUIREMENTS FOR FEDERAL ENTITIES AND DESIGNATED FEDERAL ENTITIES

  Sec. 8G. (a) Notwithstanding section 12 of this Act, as used 
in this section--
          (1) * * *
          (2) the term ``designated Federal entity'' means 
        Amtrak, the Appalachian Regional Commission, [the Board 
        of Governors of the Federal Reserve System,] the Board 
        for International Broadcasting, [the Commodity Futures 
        Trading Commission,] the Consumer Product Safety 
        Commission, the Corporation for Public Broadcasting, 
        the Equal Employment Opportunity Commission, the Farm 
        Credit Administration, the Federal Communications 
        Commission, the Federal Deposit Insurance Corporation, 
        the Federal Election Commission, the Election 
        Assistance Commission, the Federal Housing Finance 
        Board, the Federal Labor Relations Authority, the 
        Federal Maritime Commission, the Federal Trade 
        Commission, the Legal Services Corporation, the 
        National Archives and Records Administration, [the 
        National Credit Union Administration,] the National 
        Endowment for the Arts, the National Endowment for the 
        Humanities, the National Labor Relations Board, the 
        National Science Foundation, the Panama Canal 
        Commission, the Peace Corps, [the Pension Benefit 
        Guaranty Corporation, the Securities and Exchange 
        Commission,] the Smithsonian Institution, the United 
        States International Trade Commission, the Postal 
        Regulatory Commission, and the United States Postal 
        Service;

           *       *       *       *       *       *       *

  (g)(1) * * *

           *       *       *       *       *       *       *

  [(3) Notwithstanding the last sentence of subsection (d) of 
this section, the provisions of subsection (a) of section 8C 
(other than the provisions of subparagraphs (A), (B), (C), and 
(E) of subsection (a)(1)) shall apply to the Inspector General 
of the Board of Governors of the Federal Reserve System and the 
Chairman of the Board of Governors of the Federal Reserve 
System in the same manner as such provisions apply to the 
Inspector General of the Department of the Treasury and the 
Secretary of the Treasury, respectively.]

           *       *       *       *       *       *       *

SEC. 8M. SPECIAL PROVISIONS CONCERNING CERTAIN ESTABLISHMENTS 

  (a) Definition.--For purposes of this section, the term 
``covered establishment'' means the Board of Governors of the 
Federal Reserve System, the Commodity Futures Trading 
Commission, the National Credit Union Administration, the 
Pension Benefit Guaranty Corporation, and the Securities and 
Exchange Commission.
  (b) Provisions Relating to All Covered Establishments.--
          (1) Provisions relating to inspectors general.--In 
        the case of the Inspector General of a covered 
        establishment, subsections (b) and (c) of section 4 of 
        the Inspector General Reform Act of 2008 (Public Law 
        110-409) shall apply in the same manner as if such 
        covered establishment were a designated Federal entity 
        under section 8G. An Inspector General who is subject 
        to the preceding sentence shall not be subject to 
        section 3(e).
          (2) Provisions relating to other personnel.--
        Notwithstanding paragraphs (7) and (8) of section 6(a), 
        the Inspector General of a covered establishment may 
        select, appoint, and employ such officers and employees 
        as may be necessary for carrying out the functions, 
        powers, and duties of the Office of Inspector General 
        of such establishment and to obtain the temporary or 
        intermittent services of experts or consultants or an 
        organization of experts or consultants, subject to the 
        applicable laws and regulations that govern such 
        selections, appointments, and employment, and the 
        obtaining of such services, within such establishment.
  (c) Provision Relating to the Board of Governors of the 
Federal Reserve System.--The provisions of subsection (a) of 
section 8D (other than the provisions of subparagraphs (A), 
(B), (C), and (E) of paragraph (1) of such subsection (a)) 
shall apply to the Inspector General of the Board of Governors 
of the Federal Reserve System and the Chairman of the Board of 
Governors of the Federal Reserve System in the same manner as 
such provisions apply to the Inspector General of the 
Department of the Treasury and the Secretary of the Treasury, 
respectively.

           *       *       *       *       *       *       *

                              DEFINITIONS

  Sec. 12. As used in this Act--
          (1) the term ``head of the establishment'' means the 
        Secretary of Agriculture, Commerce, Defense, Education, 
        Energy, Health and Human Services, Housing and Urban 
        Development, the Interior, Labor, State, 
        Transportation, Homeland Security, or the Treasury; the 
        Attorney General; the Administrator of the Agency for 
        International Development, Environmental Protection, 
        General Services, National Aeronautics and Space, or 
        Small Business, or Veterans' Affairs; the Director of 
        the Federal Emergency Management Agency, or the Office 
        of Personnel Management; the Chairman of the Nuclear 
        Regulatory Commission or the Railroad Retirement Board; 
        the Chairperson of the Thrift Depositor Protection 
        Oversight Board; the Chief Executive Officer of the 
        Corporation for National and Community Service; the 
        Administrator of the Community Development Financial 
        Institutions Fund; the chief executive officer of the 
        Resolution Trust Corporation; the Chairperson of the 
        Federal Deposit Insurance Corporation; the Commissioner 
        of Social Security, Social Security Administration; the 
        Director of the Federal Housing Finance Agency; the 
        Board of Directors of the Tennessee Valley Authority; 
        the President of the Export-Import Bank; [or the 
        Federal Cochairpersons of the Commissions established 
        under section 15301 of title 40, United States Code;] 
        the Federal Cochairpersons of the Commissions 
        established under section 15301 of title 40, United 
        States Code; the Chairman of the Board of Governors of 
        the Federal Reserve System; the Chairman of the 
        Commodity Futures Trading Commission; the Chairman of 
        the National Credit Union Administration; the Director 
        of the Pension Benefit Guaranty Corporation; or the 
        Chairman of the Securities and Exchange Commission; as 
        the case may be;
          (2) the term ``establishment'' means the Department 
        of Agriculture, Commerce, Defense, Education, Energy, 
        Health and Human Services, Housing and Urban 
        Development, the Interior, Justice, Labor, State, 
        Transportation, Homeland Security, or the Treasury; the 
        Agency for International Development, the Community 
        Development Financial Institutions Fund, the 
        Environmental Protection Agency, the Federal Emergency 
        Management Agency, the General Services Administration, 
        the National Aeronautics and Space Administration, the 
        Nuclear Regulatory Commission, the Office of Personnel 
        Management, the Railroad Retirement Board, the 
        Resolution Trust Corporation, the Federal Deposit 
        Insurance Corporation, the Small Business 
        Administration, the Corporation for National and 
        Community Service, or the Veterans' Administration, the 
        Social Security Administration, the Federal Housing 
        Finance Agency, the Tennessee Valley Authority, the 
        Export-Import Bank, [or the Commissions established 
        under section 15301 of title 40, United States Code,] 
        the Commissions established under section 15301 of 
        title 40, United States Code, the Board of Governors of 
        the Federal Reserve System, the Commodity Futures 
        Trading Commission, the National Credit Union 
        Administration, the Pension Benefit Guaranty 
        Corporation, or the Securities and Exchange Commission, 
        as the case may be;

           *       *       *       *       *       *       *

                                  
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