I 

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. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Improved Financial 

5 and Commodity Markets Oversight and Accountability 

6 Act’’. 


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1 SEC. 2. ELEVATION OF CERTAIN INSPECTORS GENERAL TO 

2 APPOINTMENT PURSUANT TO SECTION 3 OF 

3 THE INSPECTOR GENERAL ACT OF 1978. 

4 (a) ELEVATION OF OFFICE.— 

5 (1) INCLUSION OF CERTAIN FEDERAL ENTITIES

6 IN DEFINITION OF ESTABLISHMENT.— 

7 (A) Section 12(1) of the Inspector General 

8 Act of 1978 (5 U.S.C. App.) is amended by 

9 striking ‘‘or the Federal Cochairpersons of the 

10 Commissions established under section 15301 

11 of title 40, United States Code;’’ and inserting 

12 ‘‘the Federal Cochairpersons of the Commis13 sions established under section 15301 of title 

14 40, United States Code; the Chairman of the 

15 Board of Governors of the Federal Reserve Sys16 tem; the Chairman of the Commodity Futures 

17 Trading Commission; the Chairman of the Na18 tional Credit Union Administration; the Direc19 tor of the Pension Benefit Guaranty Corpora20 tion; or the Chairman of the Securities and Ex21 change Commission;’’. 

22 (B) Section 12(2) of the Inspector General 

23 Act of 1978 (5 U.S.C. App.) is amended by 

24 striking ‘‘or the Commissions established under 

25 section 15301 of title 40, United States Code,’’ 

26 and inserting ‘‘the Commissions established 


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1 under section 15301 of title 40, United States 

2 Code, the Board of Governors of the Federal 

3 Reserve System, the Commodity Futures Trad4 ing Commission, the National Credit Union Ad5 ministration, the Pension Benefit Guaranty 

6 Corporation, or the Securities and Exchange 

7 Commission,’’. 

8 (2) EXCLUSION OF CERTAIN FEDERAL ENTI9 TIES FROM DEFINITION OF DESIGNATED FEDERAL

10 ENTITY.—Section 8G(a)(2) of the Inspector General 

11 Act of 1978 (5 U.S.C. App.) is amended— 

12 (A) by striking ‘‘the Board of Governors of 

13 the Federal Reserve System,’’; 

14 (B) by striking ‘‘the Commodity Futures 

15 Trading Commission,’’; 

16 (C) by striking ‘‘the National Credit Union 

17 Administration,’’; and 

18 (D) by striking ‘‘the Pension Benefit 

19 Guaranty Corporation, the Securities and Ex20 change Commission,’’. 

21 (b) EFFECTIVE DATE; TRANSITION RULE.— 

22 (1) EFFECTIVE DATE.—The amendments made 

23 by this section shall take effect 30 days after the 

24 date of enactment of this Act. 


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1 (2) TRANSITION RULE.—An individual serving 

2 as Inspector General of the Board of Governors of 

3 the Federal Reserve System, the Commodity Fu4 tures Trading Commission, the National Credit 

5 Union Administration, the Pension Benefit Guar6 anty Corporation, or the Securities and Exchange 

7 Commission on the effective date of this section pur8 suant to an appointment made under section 8G of 

9 the Inspector General Act of 1978 (5 U.S.C. 

10 App.)— 

11 (A) may continue so serving until the 

12 President makes an appointment under section 

13 3(a) of such Act consistent with the amend14 ments made by this section; and 

15 (B) shall, while serving under subpara16 graph (A), remain subject to the provisions of 

17 section 8G of such Act which apply with respect 

18 to the Board of Governors of the Federal Re19 serve System, the Commodity Futures Trading 

20 Commission, the National Credit Union Admin21 istration, the Pension Benefit Guaranty Cor22 poration, or the Securities and Exchange Com23 mission, as the case may be. 

Æ 


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