S.Amdt. 3793

1. Adds SEC. 122. ADDITIONAL OVERSIGHT OF FINANCIAL REGULATORY SYSTEM at the end of subtitle A of title I

   Adds a section

   Inserted: SEC. 122. ADDITIONAL OVERSIGHT OF FINANCIAL REGULATORY SYSTEM.

   Inserted: (a) Council of Inspectors General on Financial Oversight.--

   Inserted: (1) Establishment and membership.--There is established a Council of Inspectors General on Financial Oversight (in this section referred to as the "Council of Inspectors General") chaired by the Inspector General of the Department of the Treasury and composed of the inspectors general of the following:

   Inserted: (A) The Board of Governors of the Federal Reserve System.

   Inserted: (B) The Commodity Futures Trading Commission.

   Inserted: (C) The Department of Housing and Urban Development.

   Inserted: (D) The Department of the Treasury.

   Inserted: (E) The Federal Deposit Insurance Corporation.

   Inserted: (F) The Federal Housing Finance Agency.

   Inserted: (G) The National Credit Union Administration.

   Inserted: (H) The Securities and Exchange Commission.

   Inserted: (I) The Troubled Asset Relief Program (until the termination of the authority of the Special Inspector General for such program under section 121(h) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231(h))).

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   Inserted: (2) Duties.--

   Inserted: (A) Meetings.--The Council of Inspectors General shall meet not less than once each quarter, or more frequently if the chair considers it appropriate, to facilitate the sharing of information among inspectors general and to discuss the ongoing work of each inspector general who is a member of the Council of Inspectors General, with a focus on concerns that may apply to the broader financial sector and ways to improve financial oversight.

   Inserted: (B) Annual report.--Each year the Council of Inspectors General shall submit to the Council and to Congress a report including--

   Inserted: (i) for each inspector general who is a member of the Council of Inspectors General, a section within the exclusive editorial control of such inspector general that highlights the concerns and recommendations of such inspector general in such inspector general's ongoing and completed work, with a focus on issues that may apply to the broader financial sector; and

   Inserted: (ii) a summary of the general observations of the Council of Inspectors General based on the views expressed by each inspector general as required by clause (i), with a focus on measures that should be taken to improve financial oversight.

   Inserted: (3) Council of inspectors general working groups.--

   Inserted: (A) Working groups to evaluate council.--

   Inserted: (i) Convening a working group.--The Council of Inspectors General may, by majority vote, convene a Council of Inspectors General Working Group to evaluate the effectiveness and internal operations of the Council.

   Inserted: (ii) Personnel and resources.--The inspectors general who are members of the Council of Inspectors General may detail staff and resources to a Council of Inspectors General Working Group established under this subparagraph to enable it to carry out its duties.

   Inserted: (iii) Reports.--A Council of Inspectors General Working Group established under this subparagraph shall submit regular reports to the Council and to Congress on its evaluations pursuant to this subparagraph.

   Inserted: (B) Working groups for financial companies undergoing resolution.--

   Inserted: (i) Convening a working group.--The Council of Inspectors General shall convene a Council of Inspectors General Working Group for each financial company for which the Federal Deposit Insurance Corporation is appointed as receiver under section 202.

   Inserted: (ii) Personnel and resources.--The inspectors general who are members of the Council of Inspectors General may detail staff and resources to a Council of Inspectors General Working Group established under this subparagraph to enable it to carry out its duties.

   Inserted: (iii) Reports.--Not later than 270 days after the appointment of the Federal Deposit Insurance Corporation as receiver for the financial company for which a Council of Inspectors General Working Group is convened under clause (i), such Working Group shall submit to the primary financial regulatory agency and to Congress a report that includes--

   Inserted: (I) the reasons for such financial company's failure;

   Inserted: (II) the reasons for the appointment of the Federal Deposit Insurance Corporation as receiver for such financial company; and

   Inserted: (III) recommendations for preventing future failures of financial companies.

   Inserted: (b) Response to Report by Council.--The Council shall respond to the concerns raised in the report of the Council of Inspectors General under subsection (a)(2)(B) for such year.

   Original wording

   At the end of subtitle A of title I, insert the following:

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As printed