Sponsors (3)
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Amends section 401 by inserting text into paragraph (1) and paragraph (2) (inserting after specified semicolons).
Amends section 415 by (A) striking a semicolon in subsection (a)(1)(A); (B) striking the third and fourth sentences of subsection (c); and (C) in subsection (g) striking paragraph (3) and redesignating paragraph (4) as paragraph (3).
Amends section 418 by striking "or 421" and inserting "421, or 425."
Adds a new section 425 (Special provisions concerning the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection) establishing that the Inspector General of the Board and the Bureau have the authorities and responsibilities provided by chapter 4 (with specified applications and exceptions), treating the Bureau as if it were part of the Board for those purposes, authorizing certain access to a Federal reserve bank, and applying subsection (a) of section 412 (with listed exceptions) to the Inspector General and the Chairman of the Board in the same manner as those provisions apply to the Inspector General of the Department of the Treasury and the Secretary of the Treasury.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced May 6, 2025 by Richard Lynn Scott · Last progress May 6, 2025
This bill would change how the watchdog for the Federal Reserve and the Consumer Financial Protection Bureau is chosen. It says the Inspector General for these agencies must be picked by the President and approved by the Senate, rather than chosen internally. The goal is to strengthen independence and public trust in how these powerful financial agencies are monitored .
Key points:
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate