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S. 626 - Bureau of Consumer Financial Protection-Inspector General Reform Act of 2017

Sponsor: Rob Portman (R)
Introduced: 2017-03-14
Bill Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
 

Bureau of Consumer Financial Protection-Inspector General Reform Act of 2017 or CFPB-IG Act of 2017

This bill amends the Inspector General Act of 1978 to repeal the authority of the Chairman of the Board of Governors of the Federal Reserve System to appoint the Inspector General of the Consumer Financial Protection Bureau (CFPB).

The CFPB Inspector General shall be appointed by the President, by and with the advice and consent of the Senate.

Full Text


115th CONGRESS
1st Session
S. 626


    To require Senate confirmation of the Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.


IN THE SENATE OF THE UNITED STATES

March 14, 2017

    Mr. Portman (for himself, Mr. Enzi, Mr. Heller, Mr. Isakson, Mr. Barrasso, Mr. Hoeven, Ms. Collins, Mr. Blunt, Mr. Boozman, and Mr. Cochran) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

    To require Senate confirmation of the Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Bureau of Consumer Financial Protection-Inspector General Reform Act of 2017” or the “CFPB-IG Act of 2017”.

SEC. 2. Appointment of Inspector General.

The Inspector General Act of 1978 (5 U.S.C. App.) is amended—

(1) in section 8G—

(A) in subsection (a)(2), by striking “and the Bureau of Consumer Financial Protection”;

(B) in subsection (c), by striking “For the purposes of implementing this section” and all that follows through the end of the subsection; and

(C) in subsection (g)(3), by striking “and the Bureau of Consumer Financial Protection”; and

(2) in section 12—

(A) in paragraph (1), by inserting “the Director of the Bureau of Consumer Financial Protection;” after “the President of the Export-Import Bank;”; and

(B) in paragraph (2), by inserting “the Bureau of Consumer Financial Protection,” after “the Export-Import Bank,”.


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