The Federal Reserve appoints Michael Horowitz as the new Inspector General responsible for internal oversight

BlockBeats News: On June 9th, the Federal Reserve announced that Michael Horowitz will be appointed as the new Inspector General of the Federal Reserve, replacing Mark Bialek, who has held the position since 2011 and retired in April this year. As the Inspector General of the Federal Reserve, he is also responsible for independent supervision of the Consumer Financial Protection Bureau (CFPB). His previous position was Inspector General (IG) of the Ministry of Justice. The Inspector General of the Federal Reserve is selected by the Chairman, which is unusual among government regulatory agencies. Some senators believe that this arrangement makes it impossible for the Inspector General to truly supervise the Federal Reserve, and they have proposed legislation that would require the President to select the Inspector General and then have him confirmed by the Senate. After the insider trading scandal at the Federal Reserve, the Federal Reserve Inspector General became the focus of public attention. The agency is responsible for evaluating whether the trading behavior of some Federal Reserve officials meets ethical requirements. (Golden Ten)