119-s1627

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1627 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 1627

 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.

_______________________________________________________________________

 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.''.
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