I 111th CONGRESS 1st Session H. R. 885 IN THE HOUSE OF REPRESENTATIVES February 4, 2009 Mr. Larson of Connecticut (for himself, Mr. Hinchey, Mr. Holt, Mr. DeFazio, Mr. Nye, and Mr. Towns) introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL 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.

1.

Short title

This Act may be cited as the Improved Financial and Commodity Markets Oversight and Accountability Act.

2.

Elevation of certain Inspectors General to appointment pursuant to section 3 of the Inspector General Act of 1978

(a)

Elevation of office

(1)

Inclusion of certain Federal entities in definition of establishment

(A)Section 12(1) of the Inspector General Act of 1978 (5 U.S.C. App.) is amended by striking or the Federal Cochairpersons of the Commissions established under section 15301 of title 40, United States Code; and inserting the Federal Cochairpersons of the Commissions established under section 15301 of title 40, United States Code; the Chairman of the Board of Governors of the Federal Reserve System; the Chairman of the Commodity Futures Trading Commission; the Chairman of the National Credit Union Administration; the Director of the Pension Benefit Guaranty Corporation; or the Chairman of the Securities and Exchange Commission;. (B)Section 12(2) of the Inspector General Act of 1978 (5 U.S.C. App.) is amended by striking or the Commissions established under section 15301 of title 40, United States Code, and inserting the Commissions established under section 15301 of title 40, United States Code, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the National Credit Union Administration, the Pension Benefit Guaranty Corporation, or the Securities and Exchange Commission,. (2)

Exclusion of certain Federal entities from definition of designated federal entity

Section 8G(a)(2) of the Inspector General Act of 1978 (5 U.S.C. App.) is amended— (A)by striking the Board of Governors of the Federal Reserve System,; (B)by striking the Commodity Futures Trading Commission,; (C)by striking the National Credit Union Administration,; and (D)by striking the Pension Benefit Guaranty Corporation, the Securities and Exchange Commission,. (b)

Effective date; transition rule

(1)

Effective date

The amendments made by this section shall take effect 30 days after the date of enactment of this Act. (2)

Transition rule

An individual serving as Inspector General of the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the National Credit Union Administration, the Pension Benefit Guaranty Corporation, or the Securities and Exchange Commission on the effective date of this section pursuant to an appointment made under section 8G of the Inspector General Act of 1978 (5 U.S.C. App.)— (A)may continue so serving until the President makes an appointment under section 3(a) of such Act consistent with the amendments made by this section; and (B)shall, while serving under subparagraph (A), remain subject to the provisions of section 8G of such Act which apply with respect to the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the National Credit Union Administration, the Pension Benefit Guaranty Corporation, or the Securities and Exchange Commission, as the case may be.