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H. Rept. 114-865 1 (2016-12-12)

handle is hein.congrecreports/crptxtbt0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS [REPT. 114-865 2d Session HOUSE OF REPRESENTATIVES Part 1 BUREAU OF CONSUMER FINANCIAL PROTECTION- INSPECTOR GENERAL REFORM ACT OF 2015 DECEMBER 12, 2016.-Ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 957] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 957) to require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other pur- poses, having considered the same, report favorably thereon with- out amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 957 creates a separate, independent inspector general for the Consumer Financial Protection Bureau (CFPB). The CFPB cur- rently shares an inspector general with the Federal Reserve Sys- tem. Under H.R. 957, the Inspector General for the CFPB is nomi- nated by the President and confirmed by the Senate. The President must nominate a CFPB Inspector General within 60 days after en- actment of the bill. Until the nominee is confirmed, the Federal Re- serve System Inspector General continues to serve as CFPB Inspec- tor General. Each fiscal year, two percent of the CFPB's funding requests from the Federal Reserve System are to be dedicated to the Office of the Inspector General. BACKGROUND AND NEED FOR LEGISLATION The Inspector General Act of 1978, as amended, statutorily es- tablished the Federal Inspectors General (IGs) as independent and objective units within most agencies whose duties are to combat waste, fraud, and abuse in the programs and operations of their re- spective agencies. Each IG is responsible for conducting audits and investigations relating to the programs and operations of its agen- 69-006

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