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H.R.885 - Improved Financial and Commodity Markets Oversight and Accountability Act

To elevate the Inspector General of certain Federal entities to an Inspector General appointed pursuant to section 3 of the Inspector General Act of 1978. view all titles (5)

All Bill Titles

  • Official: To elevate the Inspector General of certain Federal entities to an Inspector General appointed pursuant to section 3 of the Inspector General Act of 1978. as introduced.
  • Short: Improved Financial and Commodity Markets Oversight and Accountability Act as introduced.
  • Short: Improved Financial and Commodity Markets Oversight and Accountability Act as reported to house.
  • Short: Improved Financial and Commodity Markets Oversight and Accountability Act as passed house.
  • Short: Improved Financial and Commodity Markets Oversight and Accountability Act as reported to senate.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
02/04/09
 
06/08/09
 
 
 
 
 

OpenCongress Summary

Would require the inspector generals of the Federal Reserve, the Commodity Futures Trading Commission, the National Credit Union Administration, the Pension Benefit Guaranty Corporation, and the Securities and Exchange Commission to be appointed by the President and confirmed by the Senate. Current law allows for inspector generals at these agencies to be appointed by their respective agency heads.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Pension

Official Summary

Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Pension Benefit Guaranty Corporation (PBGC), and the Securities and Exchange Commission (SEC) as establishments the Inspector Generals of which shall be appointed by the President. Applies existing pay requirements under the Inspector General Reform Act of 2008 to the Inspectors General of such entities. Permits such Inspectors General to select, appoint, and employ such officers and employees as necessary and to obtain services of experts or consultants.Authorizes such Inspectors General to subpoena records and testimony necessary in the performance of their assigned functions.Requires the heads of those entities to:
(1) take action to address deficiencies identified by their Inspector General; or
(2) certify to both Houses of Congress that no action is necessary or appropriate.

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