IG appointments get changed by Senate

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“WASHINGTON (MarketWatch) – The Senate late Tuesday approved a measure that would void a provision in a sweeping bank reform bill requiring the inspector generals at five government financial agencies be presidentially appointed. The measure, which passed by a vote of 75 to 21, partially restores the existing system where inspector generals are appointed by top agency officials. However, the measure makes some changes. Agencies with bipartisan boards or commissions, inspector generals would be appointed by the board or commission, with a simple majority vote, rather than merely by the chair, as is now the case. A vote of two-thirds of the board or commission would be required to remove the inspector general. Agencies affected include the Commodity Futures Trading Commission and the Securities and Exchange Commission.”