Grassley-McCaskill (4072)

This amendment would create a
Council of Inspectors General on Financial Oversight (CIGFO) which would simply
connect the existing financial agency Inspectors General.  CIGFO would be
required to prepare an annual report to Congress and the Financial Stability
Oversight Council (FSOC) on specific concerns and recommendations to improve
financial oversight from each Inspector General who is a CIGFO member. 
This would provide an independent assessment of what issues need to be
addressed to strengthen financial oversight on a regular basis, and require
FSOC to respond in writing.  Additionally, CIGFO would be authorized to
form a Council of Inspectors General Working Group, utilizing IG resources to
regularly monitor and report on the effectiveness and internal operations of
FSOC.