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house Bill H.R. 885

Improved Financial and Commodity Markets Oversight and Accountability Act

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Homeland Security and Governmental Affairs
  • The house Passed June 8th, 2009
    Passed by Voice Vote
      house Committees
      Committee on Oversight and Reform
    IntroducedFebruary 4th, 2009

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Bill Details

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Improved Financial and Commodity Markets Oversight and Accountability Act

Official Title

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.


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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