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.

Bill: 118-s-915
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2023-03-22
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-22
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-22
action_desc: Introduced in Senate
text: <p>This bill requires the inspector general of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau to be appointed by the President and confirmed by the Senate. The inspector general shall also have authority over the Federal Reserve banks. Under current law, this appointment is made by the chair of the Board of Governors of the Federal Reserve System.</p>

tv_txt: II 118th CONGRESS 1st Session S. 915 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.

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: 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. .