TechFlow, June 9 — According to Jinshi Data, the Federal Reserve recently announced that Michael Horowitz will become its new inspector general. Horowitz succeeds Mark Bialek, who held the position since 2011 and retired in April. As the Fed's inspector general, he will also be responsible for independent oversight of the Consumer Financial Protection Bureau (CFPB). Previously, he served as the inspector general (IG) at the Department of Justice. The Federal Reserve's inspector general is selected by the Fed chair—a rare arrangement among government regulatory agencies. Some senators argue this structure prevents truly independent oversight, and they have proposed legislation to require the president to nominate the inspector general, subject to Senate confirmation. Following the Federal Reserve's insider trading controversy, the role of inspector general has drawn public attention, as the office evaluates whether certain Fed officials' trading activities meet ethical standards.
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