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.

This legislation changes the appointment process for the Inspectors General (IGs) overseeing both the Federal Reserve Board of Governors and the Consumer Financial Protection Bureau. Currently, these positions are appointed by the agency heads themselves. This bill requires that these IGs instead be nominated by the President and confirmed by the U.S. Senate. Proponents argue this change will strengthen oversight and ensure greater independence for the internal watchdogs responsible for investigating misconduct and waste at these powerful financial institutions. By shifting the appointment power to the President and the Senate, the bill aims to increase political accountability and transparency within the federal financial regulatory framework. Critics, however, worry that this transition could potentially politicize the independent oversight roles, making these watchdogs more susceptible to the agendas of the executive branch.