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Washington, D.C. - Today, Rep. Howard Berman voted to reform our regulatory agencies with improved transparency and accountability. The Improved Financial and Commodity Markets Oversight and Accountability Act will elevate the Inspectors General of our regulatory agencies, giving them the independence, authority and tools they need to monitor our nation’s financial systems, markets and retirement security.
This legislation will bring honesty, transparency and independence to our financial and commodity markets and provide our Inspectors General with the tools they need to do their jobs.
The legislation elevates the Inspectors General of the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve, the Securities and Exchange Commission, the National Credit Union Administration and the Pension and Benefit Guaranty Corporation, giving them independent status to properly oversee and monitor their respective agencies. Currently, these Inspectors General are hired by, and serve at the privilege of, the heads of their respective agencies – the very people they are meant to oversee. This bill makes them independent entities free to pursue investigations without fear of repercussions.
A recent report released by the non-independent Inspector General of the Commodity Futures Trading Commission showed that despite the recent economic crisis and turbulence in the oil market, their office completed just two investigations and updated one between October 1, 2008 and March 31, 2009.
By making the Inspectors General of these agencies independent, we are protecting American consumers and ensuring our regulators live up to high standards.
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