A bill to require Presidential appointment and Senate confirmation of the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection.

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 915 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                 S. 915

  To require Presidential appointment and Senate confirmation of the 
  Inspector General of the Board of Governors of the Federal Reserve 
        System and the Bureau of Consumer Financial Protection.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 22, 2023

   Mr. Scott of Florida (for himself and Ms. Warren) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To require Presidential appointment and Senate confirmation of the 
  Inspector General of the Board of Governors of the Federal Reserve 
        System and the Bureau of Consumer Financial Protection.

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

SECTION 1. 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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