S. 1627

119 S1627 IS: 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.
 U.S. Senate
 2025-05-06
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
  II
  119th CONGRESS
  1st Session
  S. 1627
  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.
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:
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.
  .