Source(Pub. L. 95–452, § 11, as added Pub. L. 110–409, § 7(a), Oct. 14, 2008, 122 Stat. 4305.)
References in Text
The date of enactment of this subsection, referred to in subsec. (c)(3)(C), is the date of enactment of Pub. L. 110–409, which was approved Oct. 14, 2008.
A prior section 11 of the Inspector General Act of 1978 was renumbered section 12.
Effective Date; Existing Executive Orders
“(1) Council.—Not later than 180 days after the date of the enactment of this Act [Oct. 14, 2008], the Council of the Inspectors General on Integrity and Efficiency established under this section [enacting this section, renumbering former sections 11 and 12 of Pub. L. 95–452, set out in this Appendix, as 12 and 13, respectively, amending sections 2, 4, and 8G of Pub. L. 95–452, set out in this Appendix, and section 1105 of Title 31, Money and Finance, and enacting provisions set out as a note under section 1211 of Title 5, Government Organization and Employees] shall become effective and operational.
“(2) Executive orders.—Executive Order No. 12805, dated May 11, 1992 [formerly set out under section 501 of Title 31], and Executive Order No. 12933 [probably means Executive Order No. 12993, formerly set out under section 3 of Pub. L. 95–452, set out in this Appendix], dated March 21, 1996 (as in effect before the date of the enactment of this Act [Oct. 14, 2008]) shall have no force or effect on and after the earlier of—
“(A) the date on which the Council of the Inspectors General on Integrity and Efficiency becomes effective and operational as determined by the Executive Chairperson of the Council; or
“(B) the last day of the 180-day period beginning on the date of enactment of this Act.”
Additional Oversight of Financial Regulatory System
“(a) Council of Inspectors General on Financial Oversight.—
“(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:
“(A) The Board of Governors of the Federal Reserve System.
“(B) The Commodity Futures Trading Commission.
“(C) The Department of Housing and Urban Development.
“(D) The Department of the Treasury.
“(E) The Federal Deposit Insurance Corporation.
“(F) The Federal Housing Finance Agency.
“(G) The National Credit Union Administration.
“(H) The Securities and Exchange Commission.
“(I) The Troubled Asset Relief Program (until the termination of the authority of the Special Inspector General for such program under section 121(k) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231 (k))).
“(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.
“(B) Annual report.—Each year the Council of Inspectors General shall submit to the Council and to Congress a report including—
“(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
“(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.
“(3) Working groups to evaluate council.—
“(A) 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.
“(B) 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 paragraph to enable it to carry out its duties.
“(C) Reports.—A Council of Inspectors General Working Group established under this paragraph shall submit regular reports to the Council and to Congress on its evaluations pursuant to this paragraph.
“(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.”
Special Inspectors General for Iraq and Afghanistan Reconstruction
Pub. L. 111–15, § 7, Apr. 24, 2009, 123 Stat. 1605, provided that: “The Special Inspector General for Iraq Reconstruction and the Special Inspector General for Afghanistan Reconstruction shall be a [sic] members of the Council of the Inspectors General on Integrity and Efficiency established under section 11 of the Inspector General Act of 1978 (5 U.S.C. App.) until the date of termination of the Office of the Special Inspector General for Iraq Reconstruction and the Office of the Special Inspector General for Afghanistan Reconstruction, respectively.”
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