I 

113TH CONGRESS 

1ST SESSION H. R. 2779 

To establish a separate Inspector General for the Bureau of Consumer 

Financial Protection. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 22, 2013 

Mr. KINGSTON introduced the following bill; which was referred to the Committee on Oversight and Government Reform, and in addition to the 

Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

A BILL 

To establish a separate Inspector General for the Bureau 

of Consumer Financial Protection. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. CREATING AN INSPECTOR GENERAL FOR THE 

4 BUREAU OF CONSUMER FINANCIAL PROTEC5 TION. 

6 (a) IN GENERAL.—Section 12 of the Inspector Gen7 eral Act of 1978 (5 U.S.C. App.) is amended— 


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1 (1) in paragraph (1), by inserting ‘‘the Bureau 

2 of Consumer Financial Protection,’’ after ‘‘Federal 

3 Emergency Management Agency,’’; and 

4 (2) in paragraph (2), by inserting ‘‘the Bureau 

5 of Consumer Financial Protection,’’ after ‘‘Export6 Import Bank,’’. 

7 (b) TECHNICAL AND CONFORMING AMENDMENTS.— 

8 Section 8G of such Act is amended— 

9 (1) in subsection (a)(2), by striking ‘‘and the 

10 Bureau of Consumer Financial Protection’’; 

11 (2) in subsection (c), by striking the third and 

12 fourth sentences; and 

13 (3) in subsection (g)(3), by striking ‘‘and the 

14 Bureau of Consumer Financial Protection’’. 

15 SEC. 2. REQUIREMENTS FOR THE INSPECTOR GENERAL 

16 FOR THE BUREAU OF CONSUMER FINANCIAL 

17 PROTECTION. 

18 (a) ESTABLISHMENT.—Section 1011 of the Dodd19 Frank Wall Street Reform and Consumer Protection Act 

20 (12 U.S.C. 5491) is amended— 

21 (1) in subsection (b)— 

22 (A) in the subsection heading, by striking 

23 ‘‘AND DEPUTY DIRECTOR’’ and inserting ‘‘, 

24 DEPUTY DIRECTOR, AND INSPECTOR GEN25 ERAL’’; and 


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1 (B) by inserting after paragraph (5) the 

2 following: 

3 ‘‘(6) INSPECTOR GENERAL.—There is estab4 lished the position of the Inspector General.’’; and 

5 (2) in subsection (d), by striking ‘‘or Deputy 

6 Director’’ each place it appears and inserting ‘‘, 

7 Deputy Director, or Inspector General’’. 

8 (b) HEARINGS.—Section 1016 of such Act is amend9 ed by inserting after subsection (c) the following: 

10 ‘‘(d) ADDITIONAL REQUIREMENT FOR INSPECTOR

11 GENERAL.—On a separate occasion from that described 

12 in subsection (a), the Inspector General of the Bureau 

13 shall appear, upon invitation, before the Committee on 

14 Banking, Housing, and Urban Affairs of the Senate and 

15 the Committee on Financial Services and the Committee 

16 on Energy and Commerce of the House of Representatives 

17 at semi-annual hearings regarding the reports required 

18 under subsection (b) and the reports required under sec19 tion 5 of the Inspector General Act of 1978 (5 U.S.C. 

20 App.).’’. 

21 (c) FUNDING FOR OFFICE OF INSPECTOR GEN22 ERAL.—Section 1017(a)(2) of such Act is amended— 

23 (1) by redesignating subparagraph (C) as sub24 paragraph (D); and 


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1 (2) by inserting after subparagraph (B) the fol2 lowing: 

3 ‘‘(C) FUNDING FOR OFFICE OF INSPECTOR

4 GENERAL.—Each fiscal year, the Bureau shall 

5 dedicate 0.25 percent of the funds transferred 

6 pursuant to paragraph (1) to the Office of the 

7 Inspector General.’’. 

8 (d) PARTICIPATION IN THE COUNCIL OF INSPECTORS

9 GENERAL ON FINANCIAL OVERSIGHT.—Section 

10 989E(a)(1) of such Act is amended by adding at the end 

11 the following: 

12 ‘‘(J) The Bureau of Consumer Financial 

13 Protection.’’. 

14 (e) DEADLINE FOR APPOINTMENT.—Not later than 

15 60 days after the date of the enactment of this Act, the 

16 President shall appoint an Inspector General for the Bu17 reau of Consumer Financial Protection in accordance with 

18 section 3 of the Inspector General Act of 1978 (5 U.S.C. 

19 App.). 

20 SEC. 3. EFFECTIVE DATE. 

21 The amendments made by this Act shall take effect 

22 60 days after the date of the enactment of this Act. 

23 SEC. 4. TRANSITION PERIOD. 

24 The Inspector General of the Board of Governors of 

25 the Federal Reserve System and the Bureau of Consumer 


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1 Financial Protection shall serve in that position until the 

2 confirmation of an Inspector General for the Bureau of 

3 Consumer Financial Protection. At that time, the Inspec4 tor General of the Board of Governors of the Federal Re5 serve System and the Bureau of Consumer Financial Pro6 tection shall become the Inspector General of the Board 

7 of Governors of the Federal Reserve System. 

Æ 


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