Michael Horowitz Appointed as New Federal Reserve Inspector General

According to Foresight News, Michael Horowitz has been appointed as the new Inspector General of the Federal Reserve, succeeding Mark Bialek, who retired in April after serving since 2011. In his role, Horowitz will also oversee the Consumer Financial Protection Bureau (CFPB) independently. The Inspector General is selected by the Federal Reserve Chair, a process that some senators believe undermines the ability to effectively supervise the Federal Reserve. Consequently, legislation has been proposed to have the Inspector General appointed by the U.S. President and confirmed by the Senate.