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119-s-1627119th CongressWALLET

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.

Sponsored By: Senator Scott, Rick [R-FL]

Introduced

Summary

Would require Presidential appointment and Senate confirmation for the Inspectors General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. It would also codify and clarify their authorities under Chapter 4 of Title 5 and add a special section for how those offices operate.

Show full summary
  • Inspectors General and leadership: The Inspectors General for the Federal Reserve Board and the CFPB would be Presidential nominees who need Senate confirmation. This moves those posts into the Presidential appointment framework.
  • Oversight and access: Those IGs would have the authorities and responsibilities provided by Chapter 4. The CFPB would be treated as if it were part of the Board and IGs could exercise oversight of a Federal Reserve bank without that bank's permission.
  • Statutory changes: The bill would add a new Section 425 to Chapter 4 and apply many provisions of Section 412(a) to the IG and the Chairman of the Board, while excluding subparagraphs (A), (B), (C), and (E).

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

More oversight of Fed and CFPB

This bill would let the Federal Reserve Board Inspector General audit and investigate the CFPB. It would treat the CFPB as if it were part of the Fed for those oversight rules. It would let the Inspector General examine a Federal Reserve bank without the bank's permission. This would not create new taxes or direct payments to households.

President appoints Fed and CFPB IG

This bill would make the Inspector General for the Federal Reserve Board and the CFPB a Presidential appointment with Senate confirmation. It would change the statutory appointment and protection rules that apply to those Inspectors General and to the Chairman of the Fed Board. If enacted, this could increase congressional oversight but also add political confirmation steps and possible delays. The changes would not directly change household taxes or benefits.

Sponsors & CoSponsors

Sponsor

Scott, Rick [R-FL]

FL • R

Cosponsors

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 5/6/2025

  • Sen. Lummis, Cynthia M. [R-WY]

    WY • R

    Sponsored 7/28/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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