Improved Financial and Commodity Markets Oversight and Accountability Act

Bill: 111-hr-885
Sponsor: Rep. Larson, John B. [D-CT-1]
Introduced: 2009-02-04 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Commodity Futures Trading Commission
Congressional oversight
Federal Reserve System
Federal officials
Government studies and investigations
National Credit Union Administration
Pension Benefit Guaranty Corporation
Securities and Exchange Commission (SEC)

Summary:
action_date: 2009-02-04
text: 
Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Adminstration (NCUA), the Pension Benefit Guaranty Corporation (PBGC), and the Securities and Exchange Commission (SEC) as establishments the Inspector Generals of which shall be appointed by the President.

action_date: 2009-05-18
text: 
Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Pension Benefit Guaranty Corporation (PBGC), and the Securities and Exchange Commission (SEC) as establishments the Inspector Generals of which shall be appointed by the President.
 
 Applies existing pay requirements under the Inspector General Reform Act of 2008 to the Inspectors General of such entities. Permits such Inspectors General to select, appoint, and employ such officers and employees as necessary and to obtain services of experts or consultants.
 
Authorizes such Inspectors General to subpoena records and testimony necessary in the performance of their assigned functions.
 
Requires the heads of those entities to: (1) take action to address deficiencies identified by their Inspector General; or (2) certify to both Houses of Congress that no action is necessary or appropriate.

action_date: 2009-06-08
text: 

(This measure has not been amended since it was reported to the House on May 18, 2009. The summary of that version is repeated here.)

 
Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Pension Benefit Guaranty Corporation (PBGC), and the Securities and Exchange Commission (SEC) as establishments the Inspector Generals of which shall be appointed by the President.
 
 Applies existing pay requirements under the Inspector General Reform Act of 2008 to the Inspectors General of such entities. Permits such Inspectors General to select, appoint, and employ such officers and employees as necessary and to obtain services of experts or consultants.
 
Authorizes such Inspectors General to subpoena records and testimony necessary in the performance of their assigned functions.
 
Requires the heads of those entities to: (1) take action to address deficiencies identified by their Inspector General; or (2) certify to both Houses of Congress that no action is necessary or appropriate.

action_date: 2010-03-16
text: 
Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Pension Benefit Guaranty Corporation (PBGC), and the Securities and Exchange Commission (SEC) as establishments the Inspector Generals of which shall be appointed by the President.

 Applies existing pay requirements under the Inspector General Reform Act of 2008 to the Inspectors General of such entities. Permits such Inspectors General to select, appoint, and employ such officers and employees as necessary and to obtain services of experts or consultants.

Authorizes such Inspectors General to subpoena records and testimony necessary in the performance of their assigned functions.

Requires the heads of those entities to: (1) take action to address deficiencies identified by their Inspector General; or (2) certify to both Houses of Congress that no action is necessary or appropriate.


Legislative actions:
action_date: 2010-03-16
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 320.
action_date: 2010-03-16
text: Committee on Homeland Security and Governmental Affairs. Reported by Senator Lieberman with amendments. Without written report.
action_date: 2010-03-16
text: Committee on Homeland Security and Governmental Affairs. Reported by Senator Lieberman with amendments. Without written report.
action_date: 2009-07-29
text: Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment favorably.
action_date: 2009-07-22
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
action_date: 2009-06-10
text: Received in the Senate.
action_date: 2009-06-08
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2009-06-08
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6284)
action_date: 2009-06-08
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6284)
action_date: 2009-06-08
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 885.
action_date: 2009-06-08
text: Considered under suspension of the rules. (consideration: CR H6284-6286)
action_date: 2009-06-08
text: Mr. Lynch moved to suspend the rules and pass the bill, as amended.
action_date: 2009-05-18
text: Placed on the Union Calendar, Calendar No. 57.
action_date: 2009-05-18
text: Reported (Amended) by the Committee on Oversight and Government. H. Rept. 111-114.
action_date: 2009-05-18
text: Reported (Amended) by the Committee on Oversight and Government. H. Rept. 111-114.
action_date: 2009-05-06
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2009-05-06
text: Committee Consideration and Mark-up Session Held.
action_date: 2009-02-04
text: Referred to the House Committee on Oversight and Government Reform.
action_date: 2009-02-04
text: Introduced in House
action_date: 2009-02-04
text: Introduced in House