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II
118TH CONGRESS
1ST SESSION
S. 915
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
MARCH 22, 2023
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 Con-
sumer Financial Protection.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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•S 915 IS
SECTION 1. PRESIDENTIAL APPOINTMENT OF INSPECTOR
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GENERAL OF THE BOARD OF GOVERNORS OF
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THE FEDERAL RESERVE SYSTEM AND THE
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BUREAU OF CONSUMER FINANCIAL PROTEC-
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TION.
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Chapter 4 of part I of title 5, United States Code,
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is amended—
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(1) in section 401—
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(A) in paragraph (1), by inserting ‘‘the
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Board of Governors of the Federal Reserve Sys-
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tem and the Bureau of Consumer Financial
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Protection,’’ after ‘‘National Security Agency,’’;
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and
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(B) in paragraph (2), by inserting ‘‘the
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Chairman of the Board of Governors of the
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Federal Reserve System;’’ after ‘‘National Secu-
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rity Agency;’’;
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(2) in section 415—
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(A) in subsection (a)(1)(A), by striking
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‘‘the Board of Governors of the Federal Reserve
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System and the Bureau of Consumer Financial
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Protection,’’;
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(B) in subsection (c), by striking the third
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and fourth sentences; and
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(C) in subsection (g)—
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(i) by striking paragraph (3); and
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•S 915 IS
(ii) by redesignating paragraph (4) as
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paragraph (3);
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(3) in section 418, by striking ‘‘or 421’’ and in-
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serting ‘‘421, or 425’’; and
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(4) by adding at the end the following:
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‘‘§ 425. Special provisions concerning the Board of
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Governors of the Federal Reserve System
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and the Bureau of Consumer Financial
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Protection
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‘‘(a) IN GENERAL.—The Inspector General of the
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Board of Governors of the Federal Reserve System and
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the Bureau of Consumer Financial Protection shall have
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all of the authorities and responsibilities provided by this
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chapter—
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‘‘(1) with respect to the Bureau of Consumer
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Financial Protection, as if the Bureau were part of
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the Board of Governors of the Federal Reserve Sys-
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tem; and
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‘‘(2) with respect to a Federal reserve bank
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without the permission of the Federal reserve bank.
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‘‘(b) RELATIONSHIP TO DEPARTMENT OF TREAS-
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URY.—The provisions of subsection (a) of section 412 of
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this title (other than the provisions of subparagraphs (A),
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(B), (C), and (E) of subsection (a)(1) of section 412 of
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this title) shall apply to the Inspector General of the
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•S 915 IS
Board of Governors of the Federal Reserve System and
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the Bureau of Consumer Financial Protection and the
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Chairman of the Board of Governors of the Federal Re-
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serve System in the same manner as such provisions apply
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to the Inspector General of the Department of the Treas-
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ury and the Secretary of the Treasury, respectively.’’.
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Æ
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