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Increased Oversight: Presidential Appointment for Key Financial Inspectors General

This bill changes the appointment process for the Inspectors General (IGs) of the Federal Reserve Board (Fed) and the Bureau of Consumer Financial Protection (CFPB). These IGs will now require Presidential nomination and Senate confirmation, replacing the previous method. This shift aims to increase political accountability and oversight of officials responsible for auditing and ensuring the integrity of institutions that protect your finances and consumer rights.
Key points
The Inspector General of the Federal Reserve Board and the Bureau of Consumer Financial Protection must now be nominated by the President and confirmed by the Senate.
This change enhances Congressional and Presidential control over the officials responsible for auditing and overseeing institutions that protect financial stability and consumer rights.
The IG of the CFPB will have full audit authority, treating the Bureau as if it were part of the Federal Reserve, strengthening its independence and effectiveness.
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Additional Information
Print number: 118_S_915
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2023-03-22
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_915.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-22.

What are the main provisions?

Key points include:

  • The Inspector General of the Federal Reserve Board and the Bureau of Consumer Financial Protection must now be nominated by the President and confirmed by the Senate.
  • This change enhances Congressional and Presidential control over the officials responsible for auditing and overseeing institutions that protect financial stability and consumer rights.
  • The IG of the CFPB will have full audit authority, treating the Bureau as if it were part of the Federal Reserve, strengthening its independence and effectiveness.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Rick [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Courts and Law