119-S1627

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.

Last action was on 5-6-2025

Bill is currently in: Senate
Path to Law
House Senate President

Current status is Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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119th CONGRESS

1st Session

S. 1627

1. Presidential appointment of 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

(a) In general - Chapter 4 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) Special provisions concerning the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection - 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) Application of section 412(a) - 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.

(b) Technical and conforming amendment - The table of sections for chapter 4 of title 5, United States Code, is amended by adding at the end the following: