Portman introduces bill to create independent CFPB Inspector General

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Republican Senator Rob Portman, together with ten other Republican Senators, has introduced a bill (S. 1310) titled the “Bureau of Consumer Financial Protection-Inspector General Reform Act of 2013.” The bill would amend the Inspector General Act of 1978 to create a separate Inspector General (IG) for the CFPB who would be subject to Senate confirmation. Currently, the Fed and CFPB share an IG who is appointed by the Fed Chairman without the need for Senate confirmation.

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