SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Improved Financial and Commodity Markets Oversight 
and Accountability Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Elevation of certain Inspectors General to appointment pursuant to sec-
tion 3 of the Inspector General Act of 1978. 
Sec. 3. Continuation of provisions relating to personnel. 
Sec. 4. Subpoena authority of certain Inspectors General. 
Sec. 5. Corrective responses by heads of certain establishments to deficiencies 
identified by Inspectors General. 
Sec. 6. Effective date; transition rule. 
SEC. 2. ELEVATION OF CERTAIN INSPECTORS GENERAL TO 
APPOINTMENT PURSUANT TO SECTION 3 OF 
THE INSPECTOR GENERAL ACT OF 1978. 
(a) INCLUSION IN CERTAIN DEFINITIONS.—Section 
12 of the Inspector General Act of 1978 (5 U.S.C. App.) 
is amended— 
(1) in paragraph (1), by striking ‘‘or the Fed-
eral 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;’’; and 
(2) in paragraph (2), by striking ‘‘or the Com-
missions established under section 15301 of title 40, 
United States Code,’’ and inserting ‘‘the Commis-
sions 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 Ad-
ministration, the Pension Benefit Guaranty Corpora-
tion, or the Securities and Exchange Commission,’’. 
(b) EXCLUSION FROM DEFINITION OF DESIGNATED 
FEDERAL ENTITY.—Section 8G(a)(2) of the Inspector 
General Act of 1978 (5 U.S.C. App.) is amended— 
(1) by striking ‘‘the Board of Governors of the 
Federal Reserve System,’’; 
(2) by striking ‘‘the Commodity Futures Trad-
ing Commission,’’; 
(3) by striking ‘‘the National Credit Union Ad-
ministration,’’; and 
(4) by striking ‘‘the Pension Benefit Guaranty 
Corporation, the Securities and Exchange Commis-
sion,’’.
SEC. 3. CONTINUATION OF PROVISIONS RELATING TO PER-
SONNEL. 
(a) IN GENERAL.—The Inspector General Act of 
1978 (5 U.S.C. App.) is amended by inserting after sec-
tion 8L the following: 
‘‘SEC. 8M. SPECIAL PROVISIONS CONCERNING CERTAIN ES-
TABLISHMENTS. 
‘‘(a) DEFINITION.—For purposes of this section, the 
term ‘covered establishment’ means the Board of Gov-
ernors of the Federal Reserve System, the Commodity Fu-
tures Trading Commission, the National Credit Union Ad-
ministration, the Pension Benefit Guaranty Corporation, 
and the Securities and Exchange Commission. 
‘‘(b) PROVISIONS RELATING TO ALL COVERED ES-
TABLISHMENTS.— 
‘‘(1) PROVISIONS
RELATING
TO
INSPECTORS 
GENERAL.—In the case of the Inspector General of 
a covered establishment, subsections (b) and (c) of 
section 4 of the Inspector General Reform Act of 
2008 (Public Law 110–409) shall apply in the same 
manner as if such covered establishment were a des-
ignated Federal entity under section 8G. An Inspec-
tor General who is subject to the preceding sentence 
shall not be subject to section 3(e). 
‘‘(2) PROVISIONS
RELATING
TO
OTHER
PER-
SONNEL.—Notwithstanding paragraphs (7) and (8)
of section 6(a), the Inspector General of a covered 
establishment may select, appoint, and employ such 
officers and employees as may be necessary for car-
rying out the functions, powers, and duties of the 
Office of Inspector General of such establishment 
and to obtain the temporary or intermittent services 
of experts or consultants or an organization of ex-
perts or consultants, subject to the applicable laws 
and regulations that govern such selections, appoint-
ments, and employment, and the obtaining of such 
services, within such establishment. 
‘‘(c) PROVISION RELATING TO THE BOARD OF GOV-
ERNORS OF THE FEDERAL RESERVE SYSTEM.—The pro-
visions of subsection (a) of section 8D (other than the pro-
visions of subparagraphs (A), (B), (C), and (E) of para-
graph (1) of such subsection (a)) shall apply to the Inspec-
tor General of the Board of Governors of the Federal Re-
serve System 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 De-
partment of the Treasury and the Secretary of the Treas-
ury, respectively.’’. 
(b) CONFORMING AMENDMENT.—Paragraph (3) of 
section 8G(g) of the Inspector General Act of 1978 (5 
U.S.C. App.) is repealed.
SEC. 4. SUBPOENA AUTHORITY OF CERTAIN INSPECTORS 
GENERAL. 
The Inspector General of the Board of Governors of 
the Federal Reserve System, the Commodity Futures 
Trading Commission, the National Credit Union Adminis-
tration, the Pension Benefit Guaranty Corporation, or the 
Securities and Exchange Commission, in carrying out the 
provisions of the Inspector General Act of 1978 (5 U.S.C. 
App.), is authorized to require by subpoena, from any offi-
cer or employee of a contractor or grantee of the establish-
ment, any officer or employee of a subcontractor or sub-
grantee of such a contractor or grantee, or any person 
or entity regulated by the establishment, any records and 
testimony necessary in the performance of functions as-
signed to the Inspector General under such Act. Any such 
subpoena, in the case of contumacy or refusal to obey, 
shall be enforceable by order of any appropriate United 
States district court. 
SEC. 5. CORRECTIVE RESPONSES BY HEADS OF CERTAIN 
ESTABLISHMENTS TO DEFICIENCIES IDENTI-
FIED BY INSPECTORS GENERAL. 
The Chairman of the Board of Governors of the Fed-
eral Reserve System, the Chairman of the Commodity Fu-
tures Trading Commission, the Chairman of the National 
Credit Union Administration, the Director of the Pension
Benefit Guaranty Corporation, and the Chairman of the 
Securities and Exchange Commission shall each— 
(1) take action to address deficiencies identified 
by a report or investigation of the Inspector General 
of the establishment concerned; or 
(2) certify to both Houses of Congress that no 
action is necessary or appropriate in connection with 
a deficiency described in paragraph (1). 
SEC. 6. EFFECTIVE DATE; TRANSITION RULE. 
(a) EFFECTIVE DATE.—This Act and the amend-
ments made by this Act shall take effect 30 days after 
the date of the enactment of this Act. 
(b) TRANSITION RULE.—An individual serving as In-
spector General of the Board of Governors of the Federal 
Reserve System, the Commodity Futures Trading Com-
mission, the National Credit Union Administration, the 
Pension Benefit Guaranty Corporation, or the Securities 
and Exchange Commission on the effective date of this 
Act pursuant to an appointment made under section 8G 
of the Inspector General Act of 1978 (5 U.S.C. App.)— 
(1) may continue so serving until the President 
makes an appointment under section 3(a) of such 
Act with respect to the Board of Governors of the 
Federal Reserve System, the Commodity Futures 
Trading Commission, the National Credit Union Ad-
ministration, the Pension Benefit Guaranty Corpora-
tion, or the Securities and Exchange Commission, as 
the case may be, consistent with the amendments 
made by section 2; and 
(2) shall, while serving under paragraph (1), re-
main subject to the provisions of section 8G of such 
Act which, immediately before the effective date of 
this Act, applied with respect to the Inspector Gen-
eral of the Board of Governors of the Federal Re-
serve System, the Commodity Futures Trading Com-
mission, the National Credit Union Administration, 
the Pension Benefit Guaranty Corporation, or the 
Securities and Exchange Commission, as the case 
may be, and suffer no reduction in pay. 
Passed the House of Representatives June 8, 2009. 
Attest: 
Clerk.
111TH CONGRESS 
1ST SESSION 
H. R. 885 
AN ACT 
To elevate the Inspector General of certain Federal 
entities to an Inspector General appointed pursu-
ant to section 3 of the Inspector General Act of 
1978.