TOPICS
TOPICS
House passes bill to change selection process for five IGs
The House approved legislation Monday that would give the president the authority to appoint the inspectors general of five financial regulatory agencies, whose watchdogs are selected by the heads of those agencies.
The bill, introduced by Rep. John Larson, D-Conn., and passed by voice vote under suspension of the rules, would require presidential appointment and Senate confirmation of the IGs of the Federal Reserve, the SEC, the Commodity Futures Trading Commission, the National Credit Union Administration and the Pension Benefit Guaranty Corp.
The measure would expand the watchdogs' subpoena power and ensures that the IGs will not receive a cut in pay as a result of the change.
Although it won praise from lawmakers on both sides of the aisle who said the shift would make IGs more autonomous because they would no longer be subject to hiring and firing by the leadership of the agencies they oversee, the bill was opposed by several of the IGs whose jobs would be affected. SEC Inspector General H. David Kotz testified earlier this year that he feared that a presidential appointment -- and a long Senate confirmation process -- would unduly "politicize" the job.
COMMENTS
- This bill is going to do nothing to increase the independence of IGs, and in fact, will like make them LESS independent, as most political appointees tend to be. Not only that, but to start removing IGs of financial regulatory agencies at the exact time that they are needed most seems counterintuitive at best. Does this seem like the best time to bring a new IG on board at any of these agencies? What is the staff supposed to do while the President searches for and the Senate confirms proper appointees? The work of these IG offices needs to continue, not be hijacked by this misguided bill. Bobby Posted June 16, 2009 12:24 PM
- How is this move any more political. Whatever the process, its all political. The President appoints the agency head and the agency head appoints the IG. How is that less political? Evelyn Golden Posted June 15, 2009 8:46 AM
- The real question is why are they needed and what do they bring to the table. Far too often its their personal agenda and it boils down to who cares dan m ketter Posted June 10, 2009 11:22 AM
