Sec. 714. Consumer Law Enforcement Agency Inspector General Reform
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The Inspector General Act of 1978 (5 U.S.C. App.) is amended— in section 8G— in subsection (a)(2), by striking and the Bureau of Consumer Financial Protection ; in subsection (c), by striking For purposes of implementing this section and all that follows through the end of the subsection; and in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection ; and in section 12— in paragraph (1), by inserting the Consumer Law Enforcement Agency; after the President of the Export-Import Bank; ; and in paragraph (2), by inserting the Consumer Law Enforcement Agency, after the Export-Import Bank, .
Section 1011 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5491 ), as amended by section 311, is further amended by adding at the end the following: There is established the position of the Inspector General of the Agency. ; and Section 1016 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5496 ) is amended by inserting after subsection
(c)the following: On a separate occasion from that described in subsection (a), the Inspector General of the Agency shall appear, upon invitation, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the reports required under subsection
(b)and the reports required under section 5 of the Inspector General Act of 1978 (5 U.S.C. App.). . Section 989E(a)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by adding at the end the following: The Consumer Law Enforcement Agency. . Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Consumer Law Enforcement Agency in accordance with section 3 of the Inspector General Act of 1978 (5 U.S.C. App.). The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Consumer Law Enforcement Agency. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.
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