To establish within the Department of the Treasury the Office of the Special Inspector General for Financial Regulatory Abuses and Misconduct, and for other purposes.
About This Bill
Committee
Latest Action · July 18, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill establishes a new Office of the Special Inspector General for Financial Regulatory Abuses and Misconduct within the Treasury Department to oversee eight major financial regulators, including the Securities and Exchange Commission, Federal Reserve, and Consumer Financial Protection Bureau. The Special Inspector General, appointed by the President with Senate confirmation, would investigate complaints from regulated entities about supervisory abuses, misconduct, and alleged ideological bias by these agencies, then recommend disciplinary actions and reforms to both the agencies and Congress. The bill requires quarterly reports to Congress documenting allegations, investigations, and agency compliance with recommendations, while protecting confidentiality of complainants. The legislation authorizes $25 million in funding for the office and prohibits financial regulators from taking enforcement actions against supervised entities based solely on reputational risk concerns.
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