S. 1627 changes how the Inspector General positions are filled for the Federal Reserve's Board of Governors and the Consumer Financial Protection Bureau. Currently, these watchdog officials are appointed internally by their respective organizations, but this bill would require the President to nominate them and the Senate to confirm them, similar to how other federal inspectors general are appointed. The bill affects oversight of two major financial regulatory agencies and brings their inspector general selection process in line with standard federal practice for these oversight positions. The legislation contains no specific funding allocations or implementation timelines, and it was introduced in May 2025 by Senators Scott and Warren with bipartisan support.