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Code · BILL · 117th Congress · S. 5300 (Introduced in Senate) — To provide greater transparency with respect to the financial regulatory agencies, and for other purposes. · Sec. 4

Sec. 4. Presidential appointment of Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection

292 words·~1 min read·/bill/117/s/5300/is/section-4·

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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 the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, ; in subsection (c), by striking the third and fourth sentences; and in subsection (g)— by striking paragraph (3); and by redesignating paragraph
(4)as paragraph (3); in section 8J, by striking or 8N and inserting 8K, or 8N ; by inserting after section 8J the following: 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 Act— 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 with respect to a Federal reserve bank without the permission of the Federal reserve bank. The provisions of subsection
(a)of section 8D (other than the provisions of subparagraphs (A), (B), (C), and
(E)of subsection (a)(1)) 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. ; and in section 12— in paragraph (1), by inserting the Chairman of the Board of Governors of the Federal Reserve System; after National Security Agency; ; and in paragraph (2), by inserting the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, after National Security Agency, .
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