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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Improved Financial 
and Commodity Markets Oversight and Accountability 
Act’’. 
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SEC. 2. ELEVATION OF CERTAIN INSPECTORS GENERAL TO 
APPOINTMENT PURSUANT TO SECTION 3 OF 
THE INSPECTOR GENERAL ACT OF 1978. 
(a) ELEVATION OF OFFICE.— 
(1) INCLUSION OF CERTAIN FEDERAL ENTITIES 
IN DEFINITION OF ESTABLISHMENT.— 
(A) Section 12(1) of the Inspector General 
Act of 1978 (5 U.S.C. App.) is amended by 
striking ‘‘or the Federal Cochairpersons of the 
Commissions established under section 15301 
of title 40, United States Code;’’ and inserting 
‘‘the Federal Cochairpersons of the Commis-
sions established under section 15301 of title 
40, United States Code; the Chairman of the 
Board of Governors of the Federal Reserve Sys-
tem; the Chairman of the Commodity Futures 
Trading Commission; the Chairman of the Na-
tional Credit Union Administration; the Direc-
tor of the Pension Benefit Guaranty Corpora-
tion; or the Chairman of the Securities and Ex-
change Commission;’’. 
(B) Section 12(2) of the Inspector General 
Act of 1978 (5 U.S.C. App.) is amended by 
striking ‘‘or the Commissions established under 
section 15301 of title 40, United States Code,’’ 
and inserting ‘‘the Commissions established 
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under section 15301 of title 40, United States 
Code, the Board of Governors of the Federal 
Reserve System, the Commodity Futures Trad-
ing Commission, the National Credit Union Ad-
ministration, the Pension Benefit Guaranty 
Corporation, or the Securities and Exchange 
Commission,’’. 
(2) EXCLUSION OF CERTAIN FEDERAL ENTI-
TIES FROM DEFINITION OF DESIGNATED FEDERAL 
ENTITY.—Section 8G(a)(2) of the Inspector General 
Act of 1978 (5 U.S.C. App.) is amended— 
(A) by striking ‘‘the Board of Governors of 
the Federal Reserve System,’’; 
(B) by striking ‘‘the Commodity Futures 
Trading Commission,’’; 
(C) by striking ‘‘the National Credit Union 
Administration,’’; and 
(D) by striking ‘‘the Pension Benefit 
Guaranty Corporation, the Securities and Ex-
change Commission,’’. 
(b) EFFECTIVE DATE; TRANSITION RULE.— 
(1) EFFECTIVE DATE.—The amendments made 
by this section shall take effect 30 days after the 
date of enactment of this Act. 
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(2) TRANSITION RULE.—An individual serving 
as Inspector General of the Board of Governors of 
the Federal Reserve System, the Commodity Fu-
tures Trading Commission, the National Credit 
Union Administration, the Pension Benefit Guar-
anty Corporation, or the Securities and Exchange 
Commission on the effective date of this section pur-
suant to an appointment made under section 8G of 
the Inspector General Act of 1978 (5 U.S.C. 
App.)— 
(A) may continue so serving until the 
President makes an appointment under section 
3(a) of such Act consistent with the amend-
ments made by this section; and 
(B) shall, while serving under subpara-
graph (A), remain subject to the provisions of 
section 8G of such Act which apply with respect 
to the Board of Governors of the Federal Re-
serve System, the Commodity Futures Trading 
Commission, the National Credit Union Admin-
istration, the Pension Benefit Guaranty Cor-
poration, or the Securities and Exchange Com-
mission, as the case may be. 
Æ 
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