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.

# Summary of S. 1627 **What the bill would do:** This bill would change how two inspector general positions are filled. Currently, the Inspector General of the Federal Reserve's Board of Governors and the Inspector General of the Consumer Financial Protection Bureau are appointed through internal processes.

Under this bill, the President would appoint these officials directly, and the Senate would need to confirm them—the same process used for many other federal positions. **Who it affects:** The bill affects the Federal Reserve (which manages the nation's banking system) and the Consumer Financial Protection Bureau (which oversees consumer lending and financial practices). It would also shift power over these oversight positions from the agencies themselves to the President and Congress. Ultimately, it could impact the independence and accountability of these financial regulators. **Current status:** The bill was introduced by Senator Rick Scott (R-FL) in the 119th Congress and is currently in committee, meaning it has not yet been debated or voted on by the full Senate.