H.R. 885, the "Improved Financial and Commodity Markets Oversight and Accountability Act," amends the Inspector General Act of 1978 (IG Act) by elevating five financial regulatory
agenciesthe Commodity Futures Trading Commission, the National Credit Union Administration, the Securities and Exchange
Commission, and the Pension Benefit Guaranty Corporation, and the Board of Governors of the Federal Reserve Systemfrom Designated Federal Entities (DFEs) to establishments for the purposes of the IG Act. This change primarily affects the process for appointment of Inspectors General (IGs) at the agencies. The position of inspector general at establishments is a presidential
appointment made with the advice and consent of the Senate.
Committee On Oversight and Government Reform
U.S. House of Representatives | 2157 Rayburn House Office Building | Washington, D.C. 20515 | (202) 225-5051