Congressman Dennis Moore (Third District – Kansas) and Congressman Stephen F. Lynch (Ninth District – Massachusetts) commended Senators Claire McCaskill (Missouri) and Chuck Grassley (Iowa) Thursday for their efforts to ensure the inclusion of a provision in the Senate financial regulatory reform package creating a Council of Inspectors General on Financial Oversight.  A similar amendment, which was attached to the House-passed regulatory reform bill last year, was sponsored by Moore and Lynch.

“This new Inspector General council would be required to prepare an annual report, compiling a top-level assessment from each financial agency I.G. with any concerns or recommendations they may have based on their ongoing oversight work,” Congressman Moore said.  “Taking this simple step will greatly enhance the transparency and supervision of our markets by increasing the cooperation between the watchdogs of our financial institutions.  I applaud my colleagues in the Senate for their work to guarantee this provision was added to the Senate bill.”

Congressman Stephen F. Lynch, a co-sponsor of the House amendment, also expressed his support of the action taken in the Senate.
 
“The creation of a Council of Inspectors General will strengthen the transparency and financial oversight of our markets and accomplish a key goal of regulatory reform,” Congressman Stephen F. Lynch said.  “I commend my colleagues Senators McCaskill and Grassley for ensuring the inclusion of this provision in the Senate bill.”

The council would be required to hold meetings at least once every quarter and prepare an annual report to Congress and the Financial Stability Oversight Council on concerns and recommendations to improve financial oversight.  Additionally, the I.G. Council would be authorized to create working groups to provide regular oversight of the Financial Stability Oversight Council’s work.

Moore serves as the Chairman of the House Financial Services Subcommittee on Oversight and Investigations and has held a number of hearings with regard to the effectiveness of Inspectors General.  Lynch is a member of the Financial Services Committee and serves on the Subcommittee on Oversight and Investigations.