[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2779 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2779

 To establish a separate Inspector General for the Bureau of Consumer 
                         Financial Protection.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 22, 2013

 Mr. Kingston introduced the following bill; which was referred to the 
 Committee on Oversight and Government Reform, and in addition to the 
   Committee on Financial Services, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To establish a separate Inspector General for the Bureau of Consumer 
                         Financial Protection.

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

SECTION 1. CREATING AN INSPECTOR GENERAL FOR THE BUREAU OF CONSUMER 
              FINANCIAL PROTECTION.

    (a) In General.--Section 12 of the Inspector General Act of 1978 (5 
U.S.C. App.) is amended--
            (1) in paragraph (1), by inserting ``the Bureau of Consumer 
        Financial Protection,'' after ``Federal Emergency Management 
        Agency,''; and
            (2) in paragraph (2), by inserting ``the Bureau of Consumer 
        Financial Protection,'' after ``Export-Import Bank,''.
    (b) Technical and Conforming Amendments.--Section 8G of such Act is 
amended--
            (1) in subsection (a)(2), by striking ``and the Bureau of 
        Consumer Financial Protection'';
            (2) in subsection (c), by striking the third and fourth 
        sentences; and
            (3) in subsection (g)(3), by striking ``and the Bureau of 
        Consumer Financial Protection''.

SEC. 2. REQUIREMENTS FOR THE INSPECTOR GENERAL FOR THE BUREAU OF 
              CONSUMER FINANCIAL PROTECTION.

    (a) Establishment.--Section 1011 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5491) is amended--
            (1) in subsection (b)--
                    (A) in the subsection heading, by striking ``and 
                Deputy Director'' and inserting ``, Deputy Director, 
                and Inspector General''; and
                    (B) by inserting after paragraph (5) the following:
            ``(6) Inspector general.--There is established the position 
        of the Inspector General.''; and
            (2) in subsection (d), by striking ``or Deputy Director'' 
        each place it appears and inserting ``, Deputy Director, or 
        Inspector General''.
    (b) Hearings.--Section 1016 of such Act is amended by inserting 
after subsection (c) the following:
    ``(d) Additional Requirement for Inspector General.--On a separate 
occasion from that described in subsection (a), the Inspector General 
of the Bureau shall appear, upon invitation, before the Committee on 
Banking, Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services and the Committee on Energy and Commerce of the 
House of Representatives at semi-annual hearings regarding the reports 
required under subsection (b) and the reports required under section 5 
of the Inspector General Act of 1978 (5 U.S.C. App.).''.
    (c) Funding for Office of Inspector General.--Section 1017(a)(2) of 
such Act is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Funding for office of inspector general.--
                Each fiscal year, the Bureau shall dedicate 0.25 
                percent of the funds transferred pursuant to paragraph 
                (1) to the Office of the Inspector General.''.
    (d) Participation in the Council of Inspectors General on Financial 
Oversight.--Section 989E(a)(1) of such Act is amended by adding at the 
end the following:
                    ``(J) The Bureau of Consumer Financial 
                Protection.''.
    (e) Deadline for Appointment.--Not later than 60 days after the 
date of the enactment of this Act, the President shall appoint an 
Inspector General for the Bureau of Consumer Financial Protection in 
accordance with section 3 of the Inspector General Act of 1978 (5 
U.S.C. App.).

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall take effect 60 days after the 
date of the enactment of this Act.

SEC. 4. TRANSITION PERIOD.

    The Inspector General of the Board of Governors of the Federal 
Reserve System and the Bureau of Consumer Financial Protection shall 
serve in that position until the confirmation of an Inspector General 
for the Bureau of Consumer Financial Protection. At that time, the 
Inspector General of the Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Financial Protection shall become the 
Inspector General of the Board of Governors of the Federal Reserve 
System.
                                 <all>