A bill 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.

Chapter 4 of title 5, United States Code, is amended—

(1) in section 401—

(A) in paragraph (1), by inserting the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, after National Security Agency,; and

(B) in paragraph (2), by inserting the Chairman of the Board of Governors of the Federal Reserve System; after National Security Agency;;

(2) in section 415—

(A) in subsection (a)(1)(A), by striking the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection,;

(B) in subsection (c), by striking the third and fourth sentences; and

(C) in subsection (g)—

(i) by striking paragraph (3); and

(ii) by redesignating paragraph (4) as paragraph (3);

(3) in section 418, by striking or 421 and inserting 421, or 425; and

(4) by adding at the end 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 chapter—

(1) 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

(2) with respect to a Federal reserve bank without the permission of the Federal reserve bank.

The provisions of subsection (a) of section 412 of this title (other than the provisions of subparagraphs (A), (B), (C), and (E) of subsection (a)(1) of section 412 of this title) 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.

The table of sections for chapter 4 of title 5, United States Code, is amended by adding at the end the following: