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

ChainCatcher reports, according to JIN10, the Federal Reserve recently announced that Michael Horowitz will serve as the new Inspector General (IG) of the Federal Reserve, succeeding Mark Bialek, who held the position since 2011 and retired in April this year. As the Federal Reserve Inspector General, he is also responsible for independently overseeing the Consumer Financial Protection Bureau (CFPB). His previous role was Inspector General at the Department of Justice (DOJ).

The Federal Reserve Inspector General is selected by the Chair, which is unusual among government regulatory agencies. Some senators believe this arrangement prevents the Inspector General from effectively overseeing the Fed, and they have proposed legislation requiring the President to appoint the Inspector General with Senate confirmation.

Following the insider trading controversy at the Federal Reserve, the Fed Inspector General has become a focal point of public attention, as the office is responsible for evaluating whether certain Federal Reserve officials' trading activities meet ethical standards.