[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 885 Reported in Senate (RS)]
Calendar No. 320
111th CONGRESS
2d Session
H. R. 885
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 10, 2009
Received
July 22, 2009
Read twice and referred to the Committee on Homeland Security and
Governmental Affairs
March 16, 2010
Reported by Mr. Lieberman, with amendments
[Omit the part struck through and insert the part printed in italic]
_______________________________________________________________________
AN ACT
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Improved Financial
and Commodity Markets Oversight and Accountability Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Elevation of certain Inspectors General to appointment pursuant
to section 3 of the Inspector General Act
of 1978.
Sec. 3. Continuation of provisions relating to personnel.
Sec. 4. Subpoena authority of certain Inspectors General.
Sec. 5. Corrective responses by heads of certain establishments to
deficiencies identified by Inspectors
General.
Sec. 6. Effective date; transition rule.
SEC. 2. ELEVATION OF CERTAIN INSPECTORS GENERAL TO APPOINTMENT PURSUANT
TO SECTION 3 OF THE INSPECTOR GENERAL ACT OF 1978.
(a) Inclusion in Certain Definitions.--Section 12 of the Inspector
General Act of 1978 (5 U.S.C. App.) is amended--
(1) in paragraph (1), 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
<DELETED>Chairman</DELETED> Board of the National Credit Union
Administration; the <DELETED>Director</DELETED> Board of
Directors of the Pension Benefit Guaranty Corporation; or the
Chairman of the Securities and Exchange Commission;''; and
(2) in paragraph (2), 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,''.
(b) Exclusion From Definition of Designated Federal Entity.--
Section 8G(a)(2) of the Inspector General Act of 1978 (5 U.S.C. App.)
is amended--
(1) by striking ``the Board of Governors of the Federal
Reserve System,'';
(2) by striking ``the Commodity Futures Trading
Commission,'';
(3) by striking ``the National Credit Union
Administration,''; and
(4) by striking ``the Pension Benefit Guaranty Corporation,
the Securities and Exchange Commission,''.
SEC. 3. CONTINUATION OF PROVISIONS RELATING TO PERSONNEL.
(a) In General.--The Inspector General Act of 1978 (5 U.S.C. App.)
is amended by inserting after section 8L the following:
``SEC. 8M. SPECIAL PROVISIONS CONCERNING CERTAIN ESTABLISHMENTS.
``(a) Definition.--For purposes of this section, the term `covered
establishment' means the Board of Governors of the Federal Reserve
System, the Commodity Futures Trading Commission, the National Credit
Union Administration, the Pension Benefit Guaranty Corporation, and the
Securities and Exchange Commission.
``(b) Provisions Relating to All Covered Establishments.--
``(1) Provisions relating to inspectors general.--In the
case of the Inspector General of a covered establishment,
subsections (b) and (c) of section 4 of the Inspector General
Reform Act of 2008 (Public Law 110-409) shall apply in the same
manner as if such covered establishment were a designated
Federal entity under section 8G. An Inspector General who is
subject to the preceding sentence shall not be subject to
section 3(e).
``(2) Provisions relating to other personnel.--
Notwithstanding paragraphs (7) and (8) of section 6(a), the
Inspector General of a covered establishment may select,
appoint, and employ such officers and employees as may be
necessary for carrying out the functions, powers, and duties of
the Office of Inspector General of such establishment and to
obtain the temporary or intermittent services of experts or
consultants or an organization of experts or consultants,
subject to the applicable laws and regulations that govern such
selections, appointments, and employment, and the obtaining of
such services, within such establishment.
``(c) Provision Relating to the Board of Governors of the Federal
Reserve System.--The provisions of subsection (a) of section 8D (other
than the provisions of subparagraphs (A), (B), (C), and (E) of
paragraph (1) of such subsection (a)) shall apply to the Inspector
General of the Board of Governors of the Federal Reserve System and the
Chairman of the Board of Governors of the Federal Reserve System in the
same manner as such provisions apply to the Inspector General of the
Department of the Treasury and the Secretary of the Treasury,
respectively.''.
(b) Conforming Amendment.--Paragraph (3) of section 8G(g) of the
Inspector General Act of 1978 (5 U.S.C. App.) is repealed.
SEC. 4. SUBPOENA AUTHORITY OF CERTAIN INSPECTORS GENERAL.
The 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, in carrying out the
provisions of the Inspector General Act of 1978 (5 U.S.C. App.), is
authorized to require by subpoena, from any officer or employee of a
contractor or grantee of the establishment, any officer or employee of
a subcontractor or subgrantee of such a contractor or grantee, or any
person or entity regulated by the establishment, any records and
testimony necessary in the performance of functions assigned to the
Inspector General under such Act. Any such subpoena, in the case of
contumacy or refusal to obey, shall be enforceable by order of any
appropriate United States district court.
SEC. 5. CORRECTIVE RESPONSES BY HEADS OF CERTAIN ESTABLISHMENTS TO
DEFICIENCIES IDENTIFIED BY INSPECTORS GENERAL.
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, and the Chairman of the
Securities and Exchange Commission shall each--
(1) take action to address deficiencies identified by a
report or investigation of the Inspector General of the
establishment concerned; or
(2) certify to both Houses of Congress that no action is
necessary or appropriate in connection with a deficiency
described in paragraph (1).
SEC. 6. EFFECTIVE DATE; TRANSITION RULE.
(a) Effective Date.--This Act and the amendments made by this Act
shall take effect 30 days after the date of the enactment of this Act.
(b) 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 Act pursuant to an
appointment made under section 8G of the Inspector General Act of 1978
(5 U.S.C. App.)--
(1) may continue so serving until the President makes an
appointment under section 3(a) of such Act 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,
consistent with the amendments made by section 2; and
(2) shall, while serving under paragraph (1), remain
subject to the provisions of section 8G of such Act which,
immediately before the effective date of this Act, applied with
respect to the 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, as the case may be, and suffer no
reduction in pay.
Calendar No. 320
111th CONGRESS
2d Session
H. R. 885
_______________________________________________________________________
AN ACT
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.
_______________________________________________________________________
March 16, 2010
Reported with amendments