The Federal Reserve has appointed Michael Horowitz as the new Inspector General, responsible for internal oversight

ChainCatcher news, according to Jin Shi reports, the Federal Reserve recently announced that Michael Horowitz will serve as the new Inspector General of the Federal Reserve, succeeding Mark Bialek, who held the position since 2011 and retired this April. As the Inspector General of the Federal Reserve, he is also responsible for independent oversight of 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 selected by the Chair, which is unusual among government regulatory agencies.

Some senators believe that this arrangement prevents the Inspector General from providing true oversight of the Federal Reserve, and they have proposed legislation to require the President to select the Inspector General, subject to Senate confirmation. Following the insider trading scandal at the Federal Reserve, the Inspector General has become a focus of public attention, as the agency is responsible for judging whether the trading activities of certain Federal Reserve officials meet ethical standards.