BlockBeats News, June 9th, Recently, the Federal Reserve announced that Michael Horowitz will assume the role of the new Inspector General of the Federal Reserve, succeeding Mark Bialek, who has served in that position since 2011 and retired in April of this year. As the Inspector General of the Federal Reserve, he is also responsible for independently overseeing the Consumer Financial Protection Bureau (CFPB). His previous position was Inspector General (IG) of the Department of Justice. The Inspector General of the Federal Reserve is appointed by the Chair, which is unusual among government regulatory agencies. Some senators believe that this arrangement prevents the Inspector General from truly overseeing the Federal Reserve, and they have introduced legislation requiring the Inspector General to be selected by the President and then confirmed by the Senate. Following the Federal Reserve's insider trading scandal, the Federal Reserve Inspector General has become the focus of public attention, as the office is responsible for assessing whether the trading activities of some Fed officials meet ethical standards. (Jin10)
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