```

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 885 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                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.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2009

  Mr. Larson of Connecticut (for himself, Mr. Hinchey, Mr. Holt, Mr. 
 DeFazio, Mr. Nye, and Mr. Towns) introduced the following bill; which 
    was referred to the Committee on Oversight and Government Reform

_______________________________________________________________________

                                 A BILL

 
  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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as 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.

    (a) Elevation of Office.--
            (1) Inclusion of certain federal entities in definition of 
        establishment.--
                    (A) Section 12(1) of the Inspector General Act of 
                1978 (5 U.S.C. App.) is amended 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;''.
                    (B) Section 12(2) of the Inspector General Act of 
                1978 (5 U.S.C. App.) is amended 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,''.
            (2) Exclusion of certain federal entities from definition 
        of designated federal entity.--Section 8G(a)(2) of the 
        Inspector General Act of 1978 (5 U.S.C. App.) is amended--
                    (A) by striking ``the Board of Governors of the 
                Federal Reserve System,'';
                    (B) by striking ``the Commodity Futures Trading 
                Commission,'';
                    (C) by striking ``the National Credit Union 
                Administration,''; and
                    (D) by striking ``the Pension Benefit Guaranty 
                Corporation, the Securities and Exchange Commission,''.
    (b) Effective Date; Transition Rule.--
            (1) Effective date.--The amendments made by this section 
        shall take effect 30 days after the date of enactment of this 
        Act.
            (2) 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 section pursuant to an appointment made 
        under section 8G of the Inspector General Act of 1978 (5 U.S.C. 
        App.)--
                    (A) may continue so serving until the President 
                makes an appointment under section 3(a) of such Act 
                consistent with the amendments made by this section; 
                and
                    (B) shall, while serving under subparagraph (A), 
                remain subject to the provisions of section 8G of such 
                Act which apply 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.
                                 <all>
```