S.1627 would make the Inspector General for the Federal Reserve and CFPB a Presidential appointee confirmed by the Senate. It also gives this watchdog direct authority to oversee Federal Reserve Banks and aligns oversight rules with other federal agencies.
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A bill to require Presidential appointment and Senate confirmation of the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest action on S. 1627: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who this affects: This bill primarily affects the leadership and staff of the Federal Reserve, the CFPB, and Federal Reserve Banks. It also matters to Congress, which gains a formal confirmation role, and to consumers and businesses that rely on these agencies working properly.
Why this matters: The Federal Reserve and CFPB play central roles in the U.S. economy — setting interest rates, regulating banks, and protecting consumers. How their watchdog is chosen and what authority that person has directly affects whether problems get caught and reported to Congress and the public.
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
