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News Now

Washington
Prez may appoint future IGs for NCUA other regulators
WASHINGTON (6/10/09)--The National Credit Union Administration’s (NCUA) office of the inspector general could become a presidential appointment after the House passed H.R. 885, the Improved Financial and Commodity Markets Oversight and Accountability Act, by a voice vote. The bill also would elevate the inspectors general of the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve, the Pension Benefit Guaranty Corporation, and the Securities and Exchange Commission to the level of presidential appointment. In a release, Rep. John Larson (D-Conn.) said that the bill, if enacted, would give inspectors general the tools they need and, overall, would fight against some of the same types of regulatory failures that have led to the weakened state of the current economy. “Simply stated--independent watchdogs ensure better performance from government agencies,” Larson added in a statement delivered on the House floor. NCUA board member Gigi Hyland told News Now that while the board has no official position on the potential legislation, current NCUA Inspector General William DeSarno has joined other inspectors general in voicing opposition to the bill. The bill will now move on to the Senate.


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