The Federal Reserve (FED) appointed Horowitz as the new inspector general, responsible for internal oversight.

On June 9, the Federal Reserve recently announced that Michael Horowitz (Michael Horowitz) will serve as the new inspector general of the Federal Reserve. Horowitz succeeds Mark Bialek, who has held the role since 2011 and retired in April this year. As Federal Reserve Inspector General, he is also responsible for independent oversight of the Consumer Financial Protection Bureau (CFPB). His previous position was Inspector General (IG) in the Ministry of Justice. The Fed’s inspector general is chosen by the chairman, which is unusual among government regulators. Some senators argue that this arrangement prevents the inspector general from exercising real oversight of the Fed, and they have introduced legislation that would require the president to select the inspector general, which would then be confirmed by the Senate. In the wake of the Fed’s insider trading scandal, the Fed’s inspector general, the body responsible for judging whether some Fed officials’ trading practices are ethical.