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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.
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.
Summary
This bill amends federal law to require that the Inspectors General of the Federal Reserve Board and the Consumer Financial Protection Bureau be appointed by the President and confirmed by the Senate, bringing them into the standard federal inspector general appointment process. Currently, these two agencies have different appointment procedures. The bill also establishes that these inspectors general have the full authorities and responsibilities of other federal inspectors general, including the ability to access Federal Reserve banks without permission. The changes apply the standard inspector general oversight framework to these two financial regulatory agencies.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Scott, Rick [R-FL] (R-FL)
2 cosponsors
Actions (2)
- May 6, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- May 6, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
May 6, 2025
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 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) by adding at the end the following: “Sec. 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:
“425. Special provisions concerning the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection.”. <all>
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