Financial Regulators Transparency Act of 2023

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1160 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                S. 1160

     To provide greater transparency with respect to the financial 
              regulatory agencies, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 30, 2023

   Mr. Tillis (for himself, Ms. Warren, Mr. Rounds, Ms. Sinema, Mr. 
     Hagerty, Mr. Blumenthal, Ms. Lummis, Mr. Cruz, and Mr. Vance) 
introduced the following bill; which was read twice and referred to the 
                       Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
     To provide greater transparency with respect to the financial 
              regulatory agencies, and for other purposes.

    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 ``Financial Regulators Transparency 
Act of 2023''.

SEC. 2. TRANSPARENCY OF THE FEDERAL RESERVE BANKS.

    The Federal Reserve Act is amended--
            (1) by redesignating sections 30 and 31 as sections 31 and 
        32, respectively; and
            (2) by inserting after section 29 (12 U.S.C. 504) the 
        following:

``SEC. 30. TRANSPARENCY OF FEDERAL RESERVE BANKS AND BOARD OF 
              GOVERNORS.

    ``(a) Application of FOIA and the Federal Records Act of 1950 to 
the Federal Reserve Banks.--
            ``(1) FOIA.--Each Federal reserve bank shall be considered 
        an agency, as defined in subsection (f) of section 552 of title 
        5, United States Code (commonly known as the `Freedom of 
        Information Act'), for purposes of applying the requirements 
        under that section.
            ``(2) Federal records act of 1950.--Each Federal reserve 
        bank shall be considered a Federal agency for purposes of 
        applying the requirements under chapter 31 of title 44, United 
        States Code (commonly known as the `Federal Records Act of 
        1950').
    ``(b) Congressional FOIA Requests for Information From Federal 
Reserve Banks.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `committee confidential basis', with 
                respect to information, means not publicly disclosing 
                the information, in whole or in part or by way of 
                summary, unless the chair and ranking member of the 
                relevant committee or subcommittee described in 
                subparagraph (C) agree to publicly disclose the 
                information;
                    ``(B) the term `confidential supervisory 
                information' has the meaning given the term in section 
                261.2(b) of title 12, Code of Federal Regulations, or 
                any successor regulation;
                    ``(C) the term `covered Member of Congress' means--
                            ``(i) the chair and ranking member of the 
                        Committee on Banking, Housing, and Urban 
                        Affairs of the Senate;
                            ``(ii) the chair and ranking member of the 
                        Subcommittee on Economic Policy of the 
                        Committee on Banking, Housing, and Urban 
                        Affairs of the Senate;
                            ``(iii) the chair and ranking member of the 
                        Subcommittee on Financial Institutions and 
                        Consumer Protection of the Committee on 
                        Banking, Housing, and Urban Affairs of the 
                        Senate;
                            ``(iv) the chair and ranking member of the 
                        Committee on Financial Services of the House of 
                        Representatives;
                            ``(v) the chair and ranking member of the 
                        Subcommittee on Consumer Protection and 
                        Financial Institutions of the Committee on 
                        Financial Services of the House of 
                        Representatives; and
                            ``(vi) the chair and ranking member of the 
                        Subcommittee on National Security, 
                        International Development and Monetary Policy 
                        of the Committee on Financial Services of the 
                        House of Representatives;
                    ``(D) the term `Inspector General' means the 
                Inspector General of the Board of Governors of the 
                Federal Reserve System and the Bureau of Consumer 
                Financial Protection; and
                    ``(E) the term `personnel and medical files'--
                            ``(i) means personnel and medical files and 
                        similar files that are exempt from disclosure 
                        under section 552(b)(6) of title 5, United 
                        States Code; and
                            ``(ii) does not include--
                                    ``(I) financial disclosure forms; 
                                or
                                    ``(II) performance, disciplinary, 
                                or adverse action information.
            ``(2) Authority.--
                    ``(A) In general.--Subject to subparagraph (B), 
                section 552 of title 5, United States Code, is not 
                authority for a Federal reserve bank to withhold 
                information from Congress or any Member of Congress.
                    ``(B) Rule of construction.--Nothing in 
                subparagraph (A) shall be construed to affect the 
                authority of a Federal reserve bank to withhold from an 
                individual Member of Congress requesting information 
                under section 552 of title 5, United States Code--
                            ``(i) information relating to monetary 
                        policy deliberations that is exempt from 
                        disclosure under section 552(b)(5) of title 5, 
                        United States Code; and
                            ``(ii) except as provided in paragraph 
                        (6)--
                                    ``(I) confidential supervisory 
                                information, as defined in section 
                                261.2(b) of title 12, Code of Federal 
                                Regulations, or any successor 
                                regulation, that is exempt from 
                                disclosure under section 552(b)(8) of 
                                title 5, United States Code; and
                                    ``(II) personnel and medical files.
            ``(3) Priority of requests from members of congress.--Any 
        request for information from a Federal reserve bank under 
        section 552 of title 5, United States Code, made by a Member of 
        Congress--
                    ``(A) shall be prioritized ahead of requests for 
                information made by persons other than Members of 
                Congress; and
                    ``(B) shall be processed without charging any fee 
                to the Member of Congress.
            ``(4) Common law privileges.--Notwithstanding any other 
        provision of law, a Federal reserve bank may not withhold 
        information requested by a Member of Congress under section 552 
        of title 5, United States Code, on the basis that the 
        information is privileged pursuant to a common law privilege, 
        such as the deliberative process privilege, attorney-client 
        privilege, or attorney work product privilege.
            ``(5) Maintenance and security of materials.--With respect 
        to any materials that are received by or in the possession of a 
        Member of Congress or any staff member of a Member of Congress 
        in response to a request made by a Member of Congress under 
        section 552 of title 5, United States Code, from a Federal 
        reserve bank, the chief clerk of the Committee on Banking, 
        Housing, and Urban Affairs of the Senate, with respect to the 
        Senate, and the chief clerk of the Committee on Financial 
        Services of the House of Representatives, with respect to the 
        House of Representatives, shall--
                    ``(A) have responsibility for the maintenance and 
                security of those materials; and
                    ``(B) ensure that--
                            ``(i) the materials are stored in a safe 
                        with a combination lock by the chief clerk of 
                        the relevant committee in the offices of the 
                        relevant committee;
                            ``(ii) the materials do not leave the 
                        relevant committee, except for a Member of 
                        Congress or any staff member of a Member of 
                        Congress to review the materials in a 
                        congressional office or to return the materials 
                        to the Federal reserve bank;
                            ``(iii) a Member of Congress or any staff 
                        member of a Member of Congress shall review the 
                        materials in a congressional office; and
                            ``(iv) a Member of Congress or any staff 
                        member of a Member of Congress shall keep the 
                        materials in their physical custody when 
                        reviewing them and keep the materials in the 
                        safe of the chief clerk of the relevant 
                        committee when not reviewing the materials.
            ``(6) Confidential supervisory information and personnel 
        and medical files.--
                    ``(A) Prohibition.--Notwithstanding subclauses (I) 
                and (II) of paragraph (2)(B)(ii) or any other provision 
                of law, a Federal reserve bank may not withhold 
                information requested by a covered Member of Congress 
                under section 552 of title 5, United States Code, on 
                the basis that the information contains confidential 
                supervisory information or personnel and medical files.
                    ``(B) Access to information.--
                            ``(i) In general.--Any covered Member of 
                        Congress and any staff member of a covered 
                        Member of Congress that receives information 
                        that contains confidential supervisory 
                        information or personnel and medical files 
                        pursuant to a request made under section 552 of 
                        title 5, United States Code, from a Federal 
                        reserve bank shall handle that information on a 
                        committee confidential basis according to the 
                        procedures described in clause (ii).
                            ``(ii) Procedures.--
                                    ``(I) Maintenance and security of 
                                materials.--With respect to any 
                                materials containing confidential 
                                supervisory information or personnel 
                                and medical files that is received by 
                                or in the possession of a covered 
                                Member of Congress or any staff member 
                                of a covered Member of Congress under 
                                clause (i), the chief clerk of the 
                                relevant committee shall--
                                            ``(aa) have responsibility 
                                        for the maintenance and 
                                        security of those materials; 
                                        and
                                            ``(bb) ensure that--

                                                    ``(AA) the 
                                                materials are stored in 
                                                a safe with a 
                                                combination lock by the 
                                                chief clerk of the 
                                                relevant committee in 
                                                the offices of the 
                                                relevant committee;

                                                    ``(BB) the 
                                                materials do not leave 
                                                the relevant committee;

                                                    ``(CC) a covered 
                                                Member of Congress or 
                                                any staff member of a 
                                                covered Member of 
                                                Congress shall keep the 
                                                materials in their 
                                                physical custody when 
                                                reviewing them and keep 
                                                the materials in the 
                                                safe of the chief clerk 
                                                of the relevant 
                                                committee when not 
                                                reviewing the 
                                                materials;

                                                    ``(DD) 
                                                photocopying, scanning, 
                                                or other reproduction 
                                                of the materials is 
                                                prohibited; and

                                                    ``(EE) notes may be 
                                                taken regarding the 
                                                materials, but any 
                                                notes shall be stored 
                                                in safe of the chief 
                                                clerk of the relevant 
                                                committee and such 
                                                notes shall not be 
                                                taken or transmitted 
                                                outside of the offices 
                                                of the relevant 
                                                committee.

                                    ``(II) Access.--Access to materials 
                                containing confidential supervisory 
                                information or personnel and medical 
                                files supplied to a covered Member of 
                                Congress shall be limited to those 
                                staff members of the relevant committee 
                                or subcommittee with a need-to-know, as 
                                determined by the Staff Director and 
                                Minority Staff Director of the 
                                committee.
                                    ``(III) Unauthorized disclosure.--
                                Any disclosure of materials containing 
                                confidential supervisory information or 
                                personnel and medical files without the 
                                agreement of the chair and ranking 
                                member of the relevant committee or 
                                subcommittee of Congress to publicly 
                                disclose the information, or other 
                                violation of this subparagraph, shall 
                                constitute grounds for referral to the 
                                Select Committee on Ethics of the 
                                Senate or the Committee on Ethics of 
                                the House of Representatives, as 
                                applicable.
            ``(7) Standing.--Any Member of Congress who makes a request 
        for information from a Federal reserve bank under section 552 
        of title 5, United States Code, has standing to file in the 
        appropriate district court of the United States an action to 
        enjoin the Federal reserve bank from withholding records of the 
        Federal reserve bank and to order the production of any records 
        of the Federal reserve bank improperly withheld from the Member 
        of Congress in the same manner as any other person under that 
        section.
    ``(c) Congressional FOIA Requests for Ethics-Related Information 
From the Board of Governors and the Federal Reserve Banks.--
            ``(1) Ethics-related information defined.--
                    ``(A) In general.--Subject to subparagraph (B), in 
                this subsection, the term `ethics-related information' 
                means any record documenting or relating to--
                            ``(i) the activities of the ethics program 
                        of the Board or a Federal reserve bank;
                            ``(ii) financial disclosure reports and 
                        related records;
                            ``(iii) ethics agreements and related 
                        records;
                            ``(iv) outside employment and activity of 
                        officers and employees of the Board or a 
                        Federal reserve bank;
                            ``(v) referrals of violations of criminal 
                        conflict of interest statutes;
                            ``(vi) ethics-related disciplinary records 
                        or adverse actions;
                            ``(vii) ethics-related investigations, 
                        inquiries, or reviews;
                            ``(viii) ethics-related materials, 
                        including ethics determinations issued by, 
                        ethics advice issued by, ethics consultation 
                        engaged in, and ethics training records of the 
                        Board or a Federal reserve bank; and
                            ``(ix) any other ethics-related policies, 
                        procedures, practices, or program records of 
                        the Board or a Federal reserve bank, 
                        including--
                                    ``(I) any record relating to--
                                            ``(aa) ethics policies, 
                                        procedures, practices, or 
                                        program implementation, 
                                        interpretation, counseling, 
                                        management, development, 
                                        review, or complaints;
                                            ``(bb) employee training 
                                        and education related to any 
                                        ethics-related policies, 
                                        procedures, practices, or 
                                        program;
                                            ``(cc) ethics waivers, 
                                        authorizations, and approvals;
                                            ``(dd) non-Federally funded 
                                        travel;
                                            ``(ee) any ethics-related 
                                        annual questionnaires relating 
                                        to the ethics program of the 
                                        Board or a Federal reserve 
                                        bank; and
                                            ``(ff) any other ethics-
                                        related policies, procedures, 
                                        practices, or program of the 
                                        Board or a Federal reserve 
                                        bank; and
                                    ``(II) any other record described 
                                in the document entitled, `General 
                                Records Schedule 2.8: Employee Ethics 
                                Records' published in September 2016 by 
                                the National Archives and Records 
                                Administration, or any successor 
                                document.
                    ``(B) Exclusion of certain ethics-related 
                information.--Notwithstanding subparagraph (A), a 
                record of advice and counseling provided by an ethics 
                official to an individual officer or employee, except 
                for a record that has operative legal effect such as a 
                waiver, an authorization, an approval, or a 
                determination that alters the ethical obligations of 
                such officer or employee, shall not be included in the 
                definition of the term `ethics-related information' for 
                the purposes of this Act.
            ``(2) Disclosure of ethics-related information to members 
        of congress.--
                    ``(A) In general.--Section 552 of title 5, United 
                States Code, is not authority for the Board or a 
                Federal reserve bank to withhold ethics-related 
                information from a Member of Congress, including any 
                ethics-related information in a personnel file.
                    ``(B) Rule of construction.--No provision of law, 
                including title I of the Ethics in Government Act (5 
                U.S.C. App.), shall preclude or limit the disclosure of 
                ethics-related information to a Member of Congress 
                under subparagraph (A).
            ``(3) Priority of requests from members of congress.--Any 
        request for ethics-related information from the Board or a 
        Federal reserve bank under section 552 of title 5, United 
        States Code, made by a Member of Congress--
                    ``(A) shall be prioritized ahead of requests for 
                information made by persons other than Members of 
                Congress; and
                    ``(B) shall be processed without charging any fee 
                to the Member of Congress.
            ``(4) Common law privileges.--Notwithstanding any other 
        provision of law, the Board or a Federal reserve bank may not 
        withhold ethics-related information requested by a Member of 
        Congress under section 552 of title 5, United States Code, on 
        the basis that the information is privileged pursuant to a 
        common law privilege, such as the deliberative process 
        privilege, attorney-client privilege, or attorney work product 
        privilege.
            ``(5) Maintenance and security of materials.--With respect 
        to any materials related to ethics-related information that are 
        received by or in the possession of a Member of Congress or any 
        staff member of a Member of Congress in response to a request 
        made by a Member of Congress under section 552 of title 5, 
        United States Code, from the Board or a Federal reserve bank, 
        the chief clerk of the Committee on Banking, Housing, and Urban 
        Affairs of the Senate, with respect to the Senate, and the 
        chief clerk of the Committee on Financial Services of the House 
        of Representatives, with respect to the House of 
        Representatives, shall--
                    ``(A) have responsibility for the maintenance and 
                security of those materials; and
                    ``(B) ensure that--
                            ``(i) the materials are stored in a safe 
                        with a combination lock by the chief clerk of 
                        the relevant committee in the offices of the 
                        relevant committee;
                            ``(ii) the materials do not leave the 
                        relevant committee, except for a Member of 
                        Congress or any staff member of a Member of 
                        Congress to review the materials in a 
                        congressional office or to return the materials 
                        to the Board or the Federal reserve bank, as 
                        applicable;
                            ``(iii) a Member of Congress or any staff 
                        member of a Member of Congress shall review the 
                        materials in a congressional office; and
                            ``(iv) a Member of Congress or any staff 
                        member of a Member of Congress shall keep the 
                        materials in their physical custody when 
                        reviewing them and keep the materials in the 
                        safe of the chief clerk of the relevant 
                        committee when not reviewing the materials.
            ``(6) Standing.--Any Member of Congress who makes a request 
        for ethics-related information from the Board or a Federal 
        reserve bank under section 552 of title 5, United States Code, 
        has standing to file in the appropriate district court of the 
        United States an action to enjoin the Board or the Federal 
        reserve bank, as applicable, from withholding records of the 
        Board or the Federal reserve bank, as applicable, and to order 
        the production of any records of the Board or the Federal 
        reserve bank, as applicable, improperly withheld from the 
        Member of Congress in the same manner as any other person under 
        that section.''.

SEC. 3. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION FROM 
              OTHER FINANCIAL REGULATORY AGENCIES.

    (a) Bureau of Consumer Financial Protection.--Subtitle A of title X 
of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5491 et 
seq.) is amended by inserting after section 1016B (12 U.S.C. 5496b) the 
following:

``SEC. 1016C. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED 
              INFORMATION FROM THE BUREAU.

    ``(a) Ethics-Related Information Defined.--
            ``(1) In general.--Subject to paragraph (2), in this 
        section, the term `ethics-related information' means any record 
        documenting or relating to--
                    ``(A) the activities of the ethics program of the 
                Bureau;
                    ``(B) financial disclosure reports and related 
                records;
                    ``(C) ethics agreements and related records;
                    ``(D) outside employment and activity of officers 
                and employees of the Bureau;
                    ``(E) referrals of violations of criminal conflict 
                of interest statutes;
                    ``(F) ethics-related disciplinary records or 
                adverse actions;
                    ``(G) ethics-related investigations, inquiries, or 
                reviews;
                    ``(H) ethics-related materials, including ethics 
                determinations issued by, ethics advice issued by, 
                ethics consultation engaged in, and ethics training 
                records of the Bureau; and
                    ``(I) any other ethics-related policies, 
                procedures, practices, or program records of the 
                Bureau, including--
                            ``(i) any record relating to--
                                    ``(I) ethics policies, procedures, 
                                practices, or program implementation, 
                                interpretation, counseling, management, 
                                development, review, or complaints;
                                    ``(II) employee training and 
                                education related to any ethics-related 
                                policies, procedures, practices, or 
                                program;
                                    ``(III) ethics waivers, 
                                authorizations, and approvals;
                                    ``(IV) non-Federally funded travel;
                                    ``(V) any ethics-related annual 
                                questionnaires relating to the ethics 
                                program of the Bureau; and
                                    ``(VI) any other ethics-related 
                                policies, procedures, practices, or 
                                program of the Bureau; and
                            ``(ii) any other record described in the 
                        document entitled, `General Records Schedule 
                        2.8: Employee Ethics Records' published in 
                        September 2016 by the National Archives and 
                        Records Administration, or any successor 
                        document.
            ``(2) Exclusion of certain ethics-related information.--
        Notwithstanding paragraph (1), a record of advice and 
        counseling provided by an ethics official to an individual 
        officer or employee, except for a record that has operative 
        legal effect such as a waiver, an authorization, an approval, 
        or a determination that alters the ethical obligations of such 
        officer or employee, shall not be included in the definition of 
        the term `ethics-related information' for the purposes of this 
        Act.
    ``(b) Disclosure of Ethics-Related Information to Members of 
Congress.--
            ``(1) In general.--Section 552 of title 5, United States 
        Code, is not authority for the Bureau to withhold ethics-
        related information from a Member of Congress, including any 
        ethics-related information in a personnel file.
            ``(2) Rule of construction.--No provision of law, including 
        title I of the Ethics in Government Act (5 U.S.C. App.), shall 
        preclude or limit the disclosure of ethics-related information 
        to a Member of Congress under paragraph (1).
    ``(c) Priority of Requests From Members of Congress.--Any request 
for ethics-related information from the Bureau under section 552 of 
title 5, United States Code, made by a Member of Congress--
            ``(1) shall be prioritized ahead of requests for 
        information made by persons other than Members of Congress; and
            ``(2) shall be processed without charging any fee to the 
        Member of Congress.
    ``(d) Common Law Privileges.--Notwithstanding any other provision 
of law, the Bureau may not withhold ethics-related information 
requested by a Member of Congress under section 552 of title 5, United 
States Code, on the basis that the information is privileged pursuant 
to a common law privilege, such as the deliberative process privilege, 
attorney-client privilege, or attorney work product privilege.
    ``(e) Maintenance and Security of Materials.--With respect to any 
materials related to ethics-related information that are received by or 
in the possession of a Member of Congress or any staff member of a 
Member of Congress in response to a request made by a Member of 
Congress under section 552 of title 5, United States Code, from the 
Bureau, the chief clerk of the Committee on Banking, Housing, and Urban 
Affairs of the Senate, with respect to the Senate, and the chief clerk 
of the Committee on Financial Services of the House of Representatives, 
with respect to the House of Representatives, shall--
            ``(1) have responsibility for the maintenance and security 
        of those materials; and
            ``(2) ensure that--
                    ``(A) the materials are stored in a safe with a 
                combination lock by the chief clerk of the relevant 
                committee in the offices of the relevant committee;
                    ``(B) the materials do not leave the relevant 
                committee, except for a Member of Congress or any staff 
                member of a Member of Congress to review the materials 
                in a congressional office or to return the materials to 
                the Bureau;
                    ``(C) a Member of Congress or any staff member of a 
                Member of Congress shall review the materials in a 
                congressional office; and
                    ``(D) a Member of Congress or any staff member of a 
                Member of Congress shall keep the materials in their 
                physical custody when reviewing them and keep the 
                materials in the safe of the chief clerk of the 
                relevant committee when not reviewing the materials.
    ``(f) Standing.--Any Member of Congress who makes a request for 
ethics-related information from the Bureau under section 552 of title 
5, United States Code, has standing to file in the appropriate district 
court of the United States an action to enjoin the Bureau from 
withholding records of the Bureau and to order the production of any 
records of the Bureau improperly withheld from the Member of Congress 
in the same manner as any other person under that section.''.
    (b) Federal Deposit Insurance Corporation.--The Federal Deposit 
Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end 
the following:

``SEC. 52. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION 
              FROM THE CORPORATION.

    ``(a) Ethics-Related Information Defined.--
            ``(1) In general.--Subject to paragraph (2), in this 
        section, the term `ethics-related information' means any record 
        documenting or relating to--
                    ``(A) the activities of the ethics program of the 
                Corporation;
                    ``(B) financial disclosure reports and related 
                records;
                    ``(C) ethics agreements and related records;
                    ``(D) outside employment and activity of officers 
                and employees of the Corporation;
                    ``(E) referrals of violations of criminal conflict 
                of interest statutes;
                    ``(F) ethics-related disciplinary records or 
                adverse actions;
                    ``(G) ethics-related investigations, inquiries, or 
                reviews;
                    ``(H) ethics-related materials, including ethics 
                determinations issued by, ethics advice issued by, 
                ethics consultation engaged in, and ethics training 
                records of the Corporation; and
                    ``(I) any other ethics-related policies, 
                procedures, practices, or program records of the 
                Corporation, including--
                            ``(i) any record relating to--
                                    ``(I) ethics policies, procedures, 
                                practices, or program implementation, 
                                interpretation, counseling, management, 
                                development, review, or complaints;
                                    ``(II) employee training and 
                                education related to any ethics-related 
                                policies, procedures, practices, or 
                                program;
                                    ``(III) ethics waivers, 
                                authorizations, and approvals;
                                    ``(IV) non-Federally funded travel;
                                    ``(V) any ethics-related annual 
                                questionnaires relating to the ethics 
                                program of the Corporation; and
                                    ``(VI) any other ethics-related 
                                policies, procedures, practices, or 
                                program of the Corporation; and
                            ``(ii) any other record described in the 
                        document entitled, `General Records Schedule 
                        2.8: Employee Ethics Records' published in 
                        September 2016 by the National Archives and 
                        Records Administration, or any successor 
                        document.
            ``(2) Exclusion of certain ethics-related information.--
        Notwithstanding paragraph (1), a record of advice and 
        counseling provided by an ethics official to an individual 
        officer or employee, except for a record that has operative 
        legal effect such as a waiver, an authorization, an approval, 
        or a determination that alters the ethical obligations of such 
        officer or employee, shall not be included in the definition of 
        the term `ethics-related information' for the purposes of this 
        Act.
    ``(b) Disclosure of Ethics-Related Information to Members of 
Congress.--
            ``(1) In general.--Section 552 of title 5, United States 
        Code, is not authority for the Corporation to withhold ethics-
        related information from a Member of Congress, including any 
        ethics-related information in a personnel file.
            ``(2) Rule of construction.--No provision of law, including 
        title I of the Ethics in Government Act (5 U.S.C. App.), shall 
        preclude or limit the disclosure of ethics-related information 
        to a Member of Congress under paragraph (1).
    ``(c) Priority of Requests From Members of Congress.--Any request 
for ethics-related information from the Corporation under section 552 
of title 5, United States Code, made by a Member of Congress--
            ``(1) shall be prioritized ahead of requests for 
        information made by persons other than Members of Congress; and
            ``(2) shall be processed without charging any fee to the 
        Member of Congress.
    ``(d) Common Law Privileges.--Notwithstanding any other provision 
of law, the Corporation may not withhold ethics-related information 
requested by a Member of Congress under section 552 of title 5, United 
States Code, on the basis that the information is privileged pursuant 
to a common law privilege, such as the deliberative process privilege, 
attorney-client privilege, or attorney work product privilege.
    ``(e) Maintenance and Security of Materials.--With respect to any 
materials related to ethics-related information that are received by or 
in the possession of a Member of Congress or any staff member of a 
Member of Congress in response to a request made by a Member of 
Congress under section 552 of title 5, United States Code, from the 
Corporation, the chief clerk of the Committee on Banking, Housing, and 
Urban Affairs of the Senate, with respect to the Senate, and the chief 
clerk of the Committee on Financial Services of the House of 
Representatives, with respect to the House of Representatives, shall--
            ``(1) have responsibility for the maintenance and security 
        of those materials; and
            ``(2) ensure that--
                    ``(A) the materials are stored in a safe with a 
                combination lock by the chief clerk of the relevant 
                committee in the offices of the relevant committee;
                    ``(B) the materials do not leave the relevant 
                committee, except for a Member of Congress or any staff 
                member of a Member of Congress to review the materials 
                in a congressional office or to return the materials to 
                the Corporation;
                    ``(C) a Member of Congress or any staff member of a 
                Member of Congress shall review the materials in a 
                congressional office; and
                    ``(D) a Member of Congress or any staff member of a 
                Member of Congress shall keep the materials in their 
                physical custody when reviewing them and keep the 
                materials in the safe of the chief clerk of the 
                relevant committee when not reviewing the materials.
    ``(f) Standing.--Any Member of Congress who makes a request for 
ethics-related information from the Corporation under section 552 of 
title 5, United States Code, has standing to file in the appropriate 
district court of the United States an action to enjoin the Corporation 
from withholding records of the Corporation and to order the production 
of any records of the Corporation improperly withheld from the Member 
of Congress in the same manner as any other person under that 
section.''.
    (c) Securities and Exchange Commission.--The Securities Exchange 
Act of 1934 (12 U.S.C. 78a et seq.) is amended by inserting after 
section 4E (12 U.S.C. 78d-5) the following:

``SEC. 4F. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION 
              FROM THE COMMISSION.

    ``(a) Ethics-Related Information Defined.--
            ``(1) In general.--Subject to paragraph (2), in this 
        section, the term `ethics-related information' means any record 
        documenting or relating to--
                    ``(A) the activities of the ethics program of the 
                Commission;
                    ``(B) financial disclosure reports and related 
                records;
                    ``(C) ethics agreements and related records;
                    ``(D) outside employment and activity of officers 
                and employees of the Commission;
                    ``(E) referrals of violations of criminal conflict 
                of interest statutes;
                    ``(F) ethics-related disciplinary records or 
                adverse actions;
                    ``(G) ethics-related investigations, inquiries, or 
                reviews;
                    ``(H) ethics-related materials, including ethics 
                determinations issued by, ethics advice issued by, 
                ethics consultation engaged in, and ethics training 
                records of the Commission; and
                    ``(I) any other ethics-related policies, 
                procedures, practices, or program records of the 
                Commission, including--
                            ``(i) any record relating to--
                                    ``(I) ethics policies, procedures, 
                                practices, or program implementation, 
                                interpretation, counseling, management, 
                                development, review, or complaints;
                                    ``(II) employee training and 
                                education related to any ethics-related 
                                policies, procedures, practices, or 
                                program;
                                    ``(III) ethics waivers, 
                                authorizations, and approvals;
                                    ``(IV) non-Federally funded travel;
                                    ``(V) any ethics-related annual 
                                questionnaires relating to the ethics 
                                program of the Commission; and
                                    ``(VI) any other ethics-related 
                                policies, procedures, practices, or 
                                program of the Commission; and
                            ``(ii) any other record described in the 
                        document entitled, `General Records Schedule 
                        2.8: Employee Ethics Records' published in 
                        September 2016 by the National Archives and 
                        Records Administration, or any successor 
                        document.
            ``(2) Exclusion of certain ethics-related information.--
        Notwithstanding paragraph (1), a record of advice and 
        counseling provided by an ethics official to an individual 
        officer or employee, except for a record that has operative 
        legal effect such as a waiver, an authorization, an approval, 
        or a determination that alters the ethical obligations of such 
        officer or employee, shall not be included in the definition of 
        the term `ethics-related information' for the purposes of this 
        Act.
    ``(b) Disclosure of Ethics-Related Information to Members of 
Congress.--
            ``(1) In general.--Section 552 of title 5, United States 
        Code, is not authority for the Commission to withhold ethics-
        related information from a Member of Congress, including any 
        ethics-related information in a personnel file.
            ``(2) Rule of construction.--No provision of law, including 
        title I of the Ethics in Government Act (5 U.S.C. App.), shall 
        preclude or limit the disclosure of ethics-related information 
        to a Member of Congress under paragraph (1).
    ``(c) Priority of Requests From Members of Congress.--Any request 
for ethics-related information from the Commission under section 552 of 
title 5, United States Code, made by a Member of Congress--
            ``(1) shall be prioritized ahead of requests for 
        information made by persons other than Members of Congress; and
            ``(2) shall be processed without charging any fee to the 
        Member of Congress.
    ``(d) Common Law Privileges.--Notwithstanding any other provision 
of law, the Commission may not withhold ethics-related information 
requested by a Member of Congress under section 552 of title 5, United 
States Code, on the basis that the information is privileged pursuant 
to a common law privilege, such as the deliberative process privilege, 
attorney-client privilege, or attorney work product privilege.
    ``(e) Maintenance and Security of Materials.--With respect to any 
materials related to ethics-related information that are received by or 
in the possession of a Member of Congress or any staff member of a 
Member of Congress in response to a request made by a Member of 
Congress under section 552 of title 5, United States Code, from the 
Commission, the chief clerk of the Committee on Banking, Housing, and 
Urban Affairs of the Senate, with respect to the Senate, and the chief 
clerk of the Committee on Financial Services of the House of 
Representatives, with respect to the House of Representatives, shall--
            ``(1) have responsibility for the maintenance and security 
        of those materials; and
            ``(2) ensure that--
                    ``(A) the materials are stored in a safe with a 
                combination lock by the chief clerk of the relevant 
                committee in the offices of the relevant committee;
                    ``(B) the materials do not leave the relevant 
                committee, except for a Member of Congress or any staff 
                member of a Member of Congress to review the materials 
                in a congressional office or to return the materials to 
                the Commission;
                    ``(C) a Member of Congress or any staff member of a 
                Member of Congress shall review the materials in a 
                congressional office; and
                    ``(D) a Member of Congress or any staff member of a 
                Member of Congress shall keep the materials in their 
                physical custody when reviewing them and keep the 
                materials in the safe of the chief clerk of the 
                relevant committee when not reviewing the materials.
    ``(f) Standing.--Any Member of Congress who makes a request for 
ethics-related information from the Commission under section 552 of 
title 5, United States Code, has standing to file in the appropriate 
district court of the United States an action to enjoin the Commission 
from withholding records of the Commission and to order the production 
of any records of the Commission improperly withheld from the Member of 
Congress in the same manner as any other person under that section.''.
    (d) National Credit Union Administration.--Title I of the Federal 
Credit Union Act (12 U.S.C. 1752 et seq.) is amended by adding at the 
end the following:

``SEC. 132. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION 
              FROM THE ADMINISTRATION.

    ``(a) Ethics-Related Information Defined.--
            ``(1) In general.--Subject to paragraph (2), in this 
        section, the term `ethics-related information' means any record 
        documenting or relating to--
                    ``(A) the activities of the ethics program of the 
                Administration;
                    ``(B) financial disclosure reports and related 
                records;
                    ``(C) ethics agreements and related records;
                    ``(D) outside employment and activity of officers 
                and employees of the Administration;
                    ``(E) referrals of violations of criminal conflict 
                of interest statutes;
                    ``(F) ethics-related disciplinary records or 
                adverse actions;
                    ``(G) ethics-related investigations, inquiries, or 
                reviews;
                    ``(H) ethics-related materials, including ethics 
                determinations issued by, ethics advice issued by, 
                ethics consultation engaged in, and ethics training 
                records of the Administration; and
                    ``(I) any other ethics-related policies, 
                procedures, practices, or program records of the 
                Administration, including--
                            ``(i) any record relating to--
                                    ``(I) ethics policies, procedures, 
                                practices, or program implementation, 
                                interpretation, counseling, management, 
                                development, review, or complaints;
                                    ``(II) employee training and 
                                education related to any ethics-related 
                                policies, procedures, practices, or 
                                program;
                                    ``(III) ethics waivers, 
                                authorizations, and approvals;
                                    ``(IV) non-Federally funded travel;
                                    ``(V) any ethics-related annual 
                                questionnaires relating to the ethics 
                                program of the Administration; and
                                    ``(VI) any other ethics-related 
                                policies, procedures, practices, or 
                                program of the Administration; and
                            ``(ii) any other record described in the 
                        document entitled, `General Records Schedule 
                        2.8: Employee Ethics Records' published in 
                        September 2016 by the National Archives and 
                        Records Administration, or any successor 
                        document.
            ``(2) Exclusion of certain ethics-related information.--
        Notwithstanding paragraph (1), a record of advice and 
        counseling provided by an ethics official to an individual 
        officer or employee, except for a record that has operative 
        legal effect such as a waiver, an authorization, an approval, 
        or a determination that alters the ethical obligations of such 
        officer or employee, shall not be included in the definition of 
        the term `ethics-related information' for the purposes of this 
        Act.
    ``(b) Disclosure of Ethics-Related Information to Members of 
Congress.--
            ``(1) In general.--Section 552 of title 5, United States 
        Code, is not authority for the Administration to withhold 
        ethics-related information from a Member of Congress, including 
        any ethics-related information in a personnel file.
            ``(2) Rule of construction.--No provision of law, including 
        title I of the Ethics in Government Act (5 U.S.C. App.), shall 
        preclude or limit the disclosure of ethics-related information 
        to a Member of Congress under paragraph (1).
    ``(c) Priority of Requests From Members of Congress.--Any request 
for ethics-related information from the Administration under section 
552 of title 5, United States Code, made by a Member of Congress--
            ``(1) shall be prioritized ahead of requests for 
        information made by persons other than Members of Congress; and
            ``(2) shall be processed without charging any fee to the 
        Member of Congress.
    ``(d) Common Law Privileges.--Notwithstanding any other provision 
of law, the Administration may not withhold ethics-related information 
requested by a Member of Congress under section 552 of title 5, United 
States Code, on the basis that the information is privileged pursuant 
to a common law privilege, such as the deliberative process privilege, 
attorney-client privilege, or attorney work product privilege.
    ``(e) Maintenance and Security of Materials.--With respect to any 
materials related to ethics-related information that are received by or 
in the possession of a Member of Congress or any staff member of a 
Member of Congress in response to a request made by a Member of 
Congress under section 552 of title 5, United States Code, from the 
Administration, the chief clerk of the Committee on Banking, Housing, 
and Urban Affairs of the Senate, with respect to the Senate, and the 
chief clerk of the Committee on Financial Services of the House of 
Representatives, with respect to the House of Representatives, shall--
            ``(1) have responsibility for the maintenance and security 
        of those materials; and
            ``(2) ensure that--
                    ``(A) the materials are stored in a safe with a 
                combination lock by the chief clerk of the relevant 
                committee in the offices of the relevant committee;
                    ``(B) the materials do not leave the relevant 
                committee, except for a Member of Congress or any staff 
                member of a Member of Congress to review the materials 
                in a congressional office or to return the materials to 
                the Administration;
                    ``(C) a Member of Congress or any staff member of a 
                Member of Congress shall review the materials in a 
                congressional office; and
                    ``(D) a Member of Congress or any staff member of a 
                Member of Congress shall keep the materials in their 
                physical custody when reviewing them and keep the 
                materials in the safe of the chief clerk of the 
                relevant committee when not reviewing the materials.
    ``(f) Standing.--Any Member of Congress who makes a request for 
ethics-related information from the Administration under section 552 of 
title 5, United States Code, has standing to file in the appropriate 
district court of the United States an action to enjoin the 
Administration from withholding records of the Administration and to 
order the production of any records of the Administration improperly 
withheld from the Member of Congress in the same manner as any other 
person under that section.''.
    (e) Office of the Comptroller of the Currency.--The Revised 
Statutes of the United States is amended by inserting after section 333 
(12 U.S.C. 14) the following:

``SEC. 334. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED INFORMATION 
              FROM THE OFFICE OF THE COMPTROLLER OF THE CURRENCY.

    ``(a) Ethics-Related Information Defined.--
            ``(1) In general.--Subject to paragraph (2), in this 
        section, the term `ethics-related information' means any record 
        documenting or relating to--
                    ``(A) the activities of the ethics program of the 
                Office of the Comptroller of the Currency (in this 
                section referred to as the `Office');
                    ``(B) financial disclosure reports and related 
                records;
                    ``(C) ethics agreements and related records;
                    ``(D) outside employment and activity of officers 
                and employees of the Office;
                    ``(E) referrals of violations of criminal conflict 
                of interest statutes;
                    ``(F) ethics-related disciplinary records or 
                adverse actions;
                    ``(G) ethics-related investigations, inquiries, or 
                reviews;
                    ``(H) ethics-related materials, including ethics 
                determinations issued by, ethics advice issued by, 
                ethics consultation engaged in, and ethics training 
                records of the Office; and
                    ``(I) any other ethics-related policies, 
                procedures, practices, or program records of the 
                Office, including--
                            ``(i) any record relating to--
                                    ``(I) ethics policies, procedures, 
                                practices, or program implementation, 
                                interpretation, counseling, management, 
                                development, review, or complaints;
                                    ``(II) employee training and 
                                education related to any ethics-related 
                                policies, procedures, practices, or 
                                program;
                                    ``(III) ethics waivers, 
                                authorizations, and approvals;
                                    ``(IV) non-Federally funded travel;
                                    ``(V) any ethics-related annual 
                                questionnaires relating to the ethics 
                                program of the Office; and
                                    ``(VI) any other ethics-related 
                                policies, procedures, practices, or 
                                program of the Office; and
                            ``(ii) any other record described in the 
                        document entitled, `General Records Schedule 
                        2.8: Employee Ethics Records' published in 
                        September 2016 by the National Archives and 
                        Records Administration, or any successor 
                        document.
            ``(2) Exclusion of certain ethics-related information.--
        Notwithstanding paragraph (1), a record of advice and 
        counseling provided by an ethics official to an individual 
        officer or employee, except for a record that has operative 
        legal effect such as a waiver, an authorization, an approval, 
        or a determination that alters the ethical obligations of such 
        officer or employee, shall not be included in the definition of 
        the term `ethics-related information' for the purposes of this 
        Act.
    ``(b) Disclosure of Ethics-Related Information to Members of 
Congress.--
            ``(1) In general.--Section 552 of title 5, United States 
        Code, is not authority for the Office to withhold ethics-
        related information from a Member of Congress, including any 
        ethics-related information in a personnel file.
            ``(2) Rule of construction.--No provision of law, including 
        title I of the Ethics in Government Act (5 U.S.C. App.), shall 
        preclude or limit the disclosure of ethics-related information 
        to a Member of Congress under paragraph (1).
    ``(c) Priority of Requests From Members of Congress.--Any request 
for ethics-related information from the Office under section 552 of 
title 5, United States Code, made by a Member of Congress--
            ``(1) shall be prioritized ahead of requests for 
        information made by persons other than Members of Congress; and
            ``(2) shall be processed without charging any fee to the 
        Member of Congress.
    ``(d) Common Law Privileges.--Notwithstanding any other provision 
of law, the Office may not withhold ethics-related information 
requested by a Member of Congress under section 552 of title 5, United 
States Code, on the basis that the information is privileged pursuant 
to a common law privilege, such as the deliberative process privilege, 
attorney-client privilege, or attorney work product privilege.
    ``(e) Maintenance and Security of Materials.--With respect to any 
materials related to ethics-related information that are received by or 
in the possession of a Member of Congress or any staff member of a 
Member of Congress in response to a request made by a Member of 
Congress under section 552 of title 5, United States Code, from the 
Office, the chief clerk of the Committee on Banking, Housing, and Urban 
Affairs of the Senate, with respect to the Senate, and the chief clerk 
of the Committee on Financial Services of the House of Representatives, 
with respect to the House of Representatives, shall--
            ``(1) have responsibility for the maintenance and security 
        of those materials; and
            ``(2) ensure that--
                    ``(A) the materials are stored in a safe with a 
                combination lock by the chief clerk of the relevant 
                committee in the offices of the relevant committee;
                    ``(B) the materials do not leave the relevant 
                committee, except for a Member of Congress or any staff 
                member of a Member of Congress to review the materials 
                in a congressional office or to return the materials to 
                the Office;
                    ``(C) a Member of Congress or any staff member of a 
                Member of Congress shall review the materials in a 
                congressional office; and
                    ``(D) a Member of Congress or any staff member of a 
                Member of Congress shall keep the materials in their 
                physical custody when reviewing them and keep the 
                materials in the safe of the chief clerk of the 
                relevant committee when not reviewing the materials.
    ``(f) Standing.--Any Member of Congress who makes a request for 
ethics-related information from the Office under section 552 of title 
5, United States Code, has standing to file in the appropriate district 
court of the United States an action to enjoin the Office from 
withholding records of the Office and to order the production of any 
records of the Office improperly withheld from the Member of Congress 
in the same manner as any other person under that section.''.
    (f) Federal Housing Finance Agency.--Part 1 of subtitle A of the 
Federal Housing Enterprises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4511 et seq.) is amended by adding at the end the following:

``SEC. 1319H. CONGRESSIONAL FOIA REQUESTS FOR ETHICS-RELATED 
              INFORMATION FROM THE AGENCY.

    ``(a) Ethics-Related Information Defined.--
            ``(1) In general.--Subject to paragraph (2), in this 
        section, the term `ethics-related information' means any record 
        documenting or relating to--
                    ``(A) the activities of the ethics program of the 
                Agency;
                    ``(B) financial disclosure reports and related 
                records;
                    ``(C) ethics agreements and related records;
                    ``(D) outside employment and activity of officers 
                and employees of the Agency;
                    ``(E) referrals of violations of criminal conflict 
                of interest statutes;
                    ``(F) ethics-related disciplinary records or 
                adverse actions;
                    ``(G) ethics-related investigations, inquiries, or 
                reviews;
                    ``(H) ethics-related materials, including ethics 
                determinations issued by, ethics advice issued by, 
                ethics consultation engaged in, and ethics training 
                records of the Agency; and
                    ``(I) any other ethics-related policies, 
                procedures, practices, or program records of the 
                Agency, including--
                            ``(i) any record relating to--
                                    ``(I) ethics policies, procedures, 
                                practices, or program implementation, 
                                interpretation, counseling, management, 
                                development, review, or complaints;
                                    ``(II) employee training and 
                                education related to any ethics-related 
                                policies, procedures, practices, or 
                                program;
                                    ``(III) ethics waivers, 
                                authorizations, and approvals;
                                    ``(IV) non-Federally funded travel;
                                    ``(V) any ethics-related annual 
                                questionnaires relating to the ethics 
                                program of the Agency; and
                                    ``(VI) any other ethics-related 
                                policies, procedures, practices, or 
                                program of the Agency; and
                            ``(ii) any other record described in the 
                        document entitled, `General Records Schedule 
                        2.8: Employee Ethics Records' published in 
                        September 2016 by the National Archives and 
                        Records Administration, or any successor 
                        document.
            ``(2) Exclusion of certain ethics-related information.--
        Notwithstanding paragraph (1), a record of advice and 
        counseling provided by an ethics official to an individual 
        officer or employee, except for a record that has operative 
        legal effect such as a waiver, an authorization, an approval, 
        or a determination that alters the ethical obligations of such 
        officer or employee, shall not be included in the definition of 
        the term `ethics-related information' for the purposes of this 
        Act.
    ``(b) Disclosure of Ethics-Related Information to Members of 
Congress.--
            ``(1) In general.--Section 552 of title 5, United States 
        Code, is not authority for the Agency to withhold ethics-
        related information from a Member of Congress, including any 
        ethics-related information in a personnel file.
            ``(2) Rule of construction.--No provision of law, including 
        title I of the Ethics in Government Act (5 U.S.C. App.), shall 
        preclude or limit the disclosure of ethics-related information 
        to a Member of Congress under paragraph (1).
    ``(c) Priority of Requests From Members of Congress.--Any request 
for ethics-related information from the Agency under section 552 of 
title 5, United States Code, made by a Member of Congress--
            ``(1) shall be prioritized ahead of requests for 
        information made by persons other than Members of Congress; and
            ``(2) shall be processed without charging any fee to the 
        Member of Congress.
    ``(d) Common Law Privileges.--Notwithstanding any other provision 
of law, the Agency may not withhold ethics-related information 
requested by a Member of Congress under section 552 of title 5, United 
States Code, on the basis that the information is privileged pursuant 
to a common law privilege, such as the deliberative process privilege, 
attorney-client privilege, or attorney work product privilege.
    ``(e) Maintenance and Security of Materials.--With respect to any 
materials related to ethics-related information that are received by or 
in the possession of a Member of Congress or any staff member of a 
Member of Congress in response to a request made by a Member of 
Congress under section 552 of title 5, United States Code, from the 
Agency, the chief clerk of the Committee on Banking, Housing, and Urban 
Affairs of the Senate, with respect to the Senate, and the chief clerk 
of the Committee on Financial Services of the House of Representatives, 
with respect to the House of Representatives, shall--
            ``(1) have responsibility for the maintenance and security 
        of those materials; and
            ``(2) ensure that--
                    ``(A) the materials are stored in a safe with a 
                combination lock by the chief clerk of the relevant 
                committee in the offices of the relevant committee;
                    ``(B) the materials do not leave the relevant 
                committee, except for a Member of Congress or any staff 
                member of a Member of Congress to review the materials 
                in a congressional office or to return the materials to 
                the Agency;
                    ``(C) a Member of Congress or any staff member of a 
                Member of Congress shall review the materials in a 
                congressional office; and
                    ``(D) a Member of Congress or any staff member of a 
                Member of Congress shall keep the materials in their 
                physical custody when reviewing them and keep the 
                materials in the safe of the chief clerk of the 
                relevant committee when not reviewing the materials.
    ``(f) Standing.--Any Member of Congress who makes a request for 
ethics-related information from the Agency under section 552 of title 
5, United States Code, has standing to file in the appropriate district 
court of the United States an action to enjoin the Agency from 
withholding records of the Agency and to order the production of any 
records of the Agency improperly withheld from the Member of Congress 
in the same manner as any other person under that section.''.

SEC. 4. PRESIDENTIAL APPOINTMENT OF INSPECTOR GENERAL OF THE BOARD OF 
              GOVERNORS OF THE FEDERAL RESERVE SYSTEM AND THE BUREAU OF 
              CONSUMER FINANCIAL PROTECTION.

    Chapter 4 of part I of title 5, United States Code, is amended--
            (1) in section 401--
                    (A) in paragraph (1), by inserting ``the Board of 
                Governors of the Federal Reserve System and the Bureau 
                of Consumer Financial Protection,'' after ``National 
                Security Agency,''; and
                    (B) in paragraph (2), by inserting ``the Chairman 
                of the Board of Governors of the Federal Reserve 
                System;'' after ``National Security Agency;'';
            (2) in section 415--
                    (A) in subsection (a)(1)(A), by striking ``the 
                Board of Governors of the Federal Reserve System and 
                the Bureau of Consumer Financial Protection,'';
                    (B) in subsection (c), by striking the third and 
                fourth sentences; and
                    (C) in subsection (g)--
                            (i) by striking paragraph (3); and
                            (ii) by redesignating paragraph (4) as 
                        paragraph (3);
            (3) in section 418, by striking ``or 421'' and inserting 
        ``421, or 425''; and
            (4) by adding at the end the following:
``Sec. 425. Special provisions concerning the Board of Governors of the 
              Federal Reserve System and the Bureau of Consumer 
              Financial Protection
    ``(a) In General.--The Inspector General of the Board of Governors 
of the Federal Reserve System and the Bureau of Consumer Financial 
Protection shall have all of the authorities and responsibilities 
provided by this chapter--
            ``(1) with respect to the Bureau of Consumer Financial 
        Protection, as if the Bureau were part of the Board of 
        Governors of the Federal Reserve System; and
            ``(2) with respect to a Federal reserve bank without the 
        permission of the Federal reserve bank.
    ``(b) Relationship to Department of Treasury.--The provisions of 
subsection (a) of section 412 of this title (other than the provisions 
of subparagraphs (A), (B), (C), and (E) of subsection (a)(1) of section 
412 of this title) shall apply to the Inspector General of the Board of 
Governors of the Federal Reserve System and the Bureau of Consumer 
Financial Protection 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.''.
                                 &lt;all&gt;
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