Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015

Bill: 114-s-510
Sponsor: full_name: Sen. Portman, Rob [R-OH]
Introduced: 2015-02-12
Policy area: Finance and Financial Sector
Subjects: Consumer Financial Protection Bureau

Executive agency funding and structure

Federal officials

Government studies and investigations
Latest action: action_date: 2015-02-12
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-02-12
action_desc: Introduced in Senate
text: <p><b>Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015 or CFPB-IG Act of 2015</b></p> <p> Amends the Inspector General Act of 1978 to repeal the authority of the Chairman of the Board of Governors of the Federal Reserve System to appoint the Inspector General of the Consumer Financial Protection Bureau (CFPB).</p> <p>Requires the CFPB Inspector General to be appointed by the President, by and with the advice and consent of the Senate.</p>

tv_txt: II 114th CONGRESS 1st Session S. 510 IN THE SENATE OF THE UNITED STATES February 12, 2015 Mr. Portman (for himself, Mr. Cochran , Mr. Barrasso , Mrs. Capito , Ms. Ayotte , Mr. Crapo , Mr. Heller , Mr. Hoeven , Mr. Isakson , Mr. Boozman , Mr. Blunt , Mr. Corker , and Ms. Collins ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015 , or the CFPB-IG Act of 2015 . 2. Appointment of Inspector General The Inspector General Act of 1978 (5 U.S.C. App.) is amended— (1) in section 8G— (A) in subsection (a)(2), by striking and the Bureau of Consumer Financial Protection ; (B) in subsection (c), by striking For the purposes of implementing this section and all that follows through the end of the subsection; and (C) in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection ; and (2) in section 12— (A) in paragraph (1), by inserting the Director of the Bureau of Consumer Financial Protection; after the President of the Export-Import Bank; ; and (B) in paragraph (2), by inserting the Bureau of Consumer Financial Protection, after the Export-Import Bank, .