[House Report 111-114]
[From the U.S. Government Publishing Office]
111th Congress Report
HOUSE OF REPRESENTATIVES
1st Session 111-114
======================================================================
IMPROVED FINANCIAL AND COMMODITY MARKETS OVERSIGHT AND ACCOUNTABILITY
ACT
_______
May 18, 2009.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Mr. Towns, from the Committee on Oversight and Government Reform,
submitted the following
R E P O R T
[To accompany H.R. 885]
[Including cost estimate of the Congressional Budget Office]
The Committee on Oversight and Government Reform, to whom was
referred the bill (H.R. 885) to elevate the Inspector General
of certain Federal entities to an Inspector General appointed
pursuant to section 3 of the Inspector General Act of 1978,
having considered the same, report favorably thereon with an
amendment and recommend that the bill as amended do pass.
C O N T E N T S
Page
Purpose and Summary.............................................. 3
Background and Need for Legislation.............................. 4
Legislative History.............................................. 4
Section-By-Section............................................... 5
Explanation of Amendments........................................ 5
Committee Consideration.......................................... 6
Rollcall Votes................................................... 6
Application of Law to the Legislative Branch..................... 6
Statement of Oversight Findings and Recommendations of the
Committee...................................................... 6
Statement of General Performance Goals and Objectives............ 6
Constitutional Authority Statement............................... 6
Federal Advisory Committee Act................................... 7
Unfunded Mandates Statement...................................... 7
Earmark Identification........................................... 7
Committee Estimate............................................... 7
Budget Authority and Congressional Budget Office Cost Estimate... 7
Changes in Existing Law Made by the Bill, as Reported............ 8
The amendment is as follows:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Improved Financial
and Commodity Markets Oversight and Accountability Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Elevation of certain Inspectors General to appointment pursuant
to section 3 of the Inspector General Act of 1978.
Sec. 3. Continuation of provisions relating to personnel.
Sec. 4. Subpoena authority of certain Inspectors General.
Sec. 5. Corrective responses by heads of certain establishments to
deficiencies identified by Inspectors General.
Sec. 6. Effective date; transition rule.
SEC. 2. ELEVATION OF CERTAIN INSPECTORS GENERAL TO APPOINTMENT PURSUANT
TO SECTION 3 OF THE INSPECTOR GENERAL ACT OF 1978.
(a) Inclusion in Certain Definitions.--Section 12 of the Inspector
General Act of 1978 (5 U.S.C. App.) is amended--
(1) in paragraph (1), by striking ``or the Federal
Cochairpersons of the Commissions established under section
15301 of title 40, United States Code;'' and inserting ``the
Federal Cochairpersons of the Commissions established under
section 15301 of title 40, United States Code; the Chairman of
the Board of Governors of the Federal Reserve System; the
Chairman of the Commodity Futures Trading Commission; the
Chairman of the National Credit Union Administration; the
Director of the Pension Benefit Guaranty Corporation; or the
Chairman of the Securities and Exchange Commission;''; and
(2) in paragraph (2), by striking ``or the Commissions
established under section 15301 of title 40, United States
Code,'' and inserting ``the Commissions established under
section 15301 of title 40, United States Code, the Board of
Governors of the Federal Reserve System, the Commodity Futures
Trading Commission, the National Credit Union Administration,
the Pension Benefit Guaranty Corporation, or the Securities and
Exchange Commission,''.
(b) Exclusion From Definition of Designated Federal Entity.--Section
8G(a)(2) of the Inspector General Act of 1978 (5 U.S.C. App.) is
amended--
(1) by striking ``the Board of Governors of the Federal
Reserve System,'';
(2) by striking ``the Commodity Futures Trading
Commission,'';
(3) by striking ``the National Credit Union
Administration,''; and
(4) by striking ``the Pension Benefit Guaranty Corporation,
the Securities and Exchange Commission,''.
SEC. 3. CONTINUATION OF PROVISIONS RELATING TO PERSONNEL.
(a) In General.--The Inspector General Act of 1978 (5 U.S.C. App.) is
amended by inserting after section 8L the following:
``SEC. 8M. SPECIAL PROVISIONS CONCERNING CERTAIN ESTABLISHMENTS.
``(a) Definition.--For purposes of this section, the term `covered
establishment' means the Board of Governors of the Federal Reserve
System, the Commodity Futures Trading Commission, the National Credit
Union Administration, the Pension Benefit Guaranty Corporation, and the
Securities and Exchange Commission.
``(b) Provisions Relating to All Covered Establishments.--
``(1) Provisions relating to inspectors general.--In the case
of the Inspector General of a covered establishment,
subsections (b) and (c) of section 4 of the Inspector General
Reform Act of 2008 (Public Law 110-409) shall apply in the same
manner as if such covered establishment were a designated
Federal entity under section 8G. An Inspector General who is
subject to the preceding sentence shall not be subject to
section 3(e).
``(2) Provisions relating to other personnel.--
Notwithstanding paragraphs (7) and (8) of section 6(a), the
Inspector General of a covered establishment may select,
appoint, and employ such officers and employees as may be
necessary for carrying out the functions, powers, and duties of
the Office of Inspector General of such establishment and to
obtain the temporary or intermittent services of experts or
consultants or an organization of experts or consultants,
subject to the applicable laws and regulations that govern such
selections, appointments, and employment, and the obtaining of
such services, within such establishment.
``(c) Provision Relating to the Board of Governors of the Federal
Reserve System.--The provisions of subsection (a) of section 8D (other
than the provisions of subparagraphs (A), (B), (C), and (E) of
paragraph (1) of such subsection (a)) shall apply to the Inspector
General of the Board of Governors of the Federal Reserve System and the
Chairman of the Board of Governors of the Federal Reserve System in the
same manner as such provisions apply to the Inspector General of the
Department of the Treasury and the Secretary of the Treasury,
respectively.''.
(b) Conforming Amendment.--Paragraph (3) of section 8G(g) of the
Inspector General Act of 1978 (5 U.S.C. App.) is repealed.
SEC. 4. SUBPOENA AUTHORITY OF CERTAIN INSPECTORS GENERAL.
The Inspector General of the Board of Governors of the Federal
Reserve System, the Commodity Futures Trading Commission, the National
Credit Union Administration, the Pension Benefit Guaranty Corporation,
or the Securities and Exchange Commission, in carrying out the
provisions of the Inspector General Act of 1978 (5 U.S.C. App), is
authorized to require by subpoena, from any officer or employee of a
contractor or grantee of the establishment, any officer or employee of
a subcontractor or subgrantee of such a contractor or grantee, or any
person or entity regulated by the establishment, any records and
testimony necessary in the performance of functions assigned to the
Inspector General under such Act. Any such subpoena, in the case of
contumacy or refusal to obey, shall be enforceable by order of any
appropriate United States district court.
SEC. 5. CORRECTIVE RESPONSES BY HEADS OF CERTAIN ESTABLISHMENTS TO
DEFICIENCIES IDENTIFIED BY INSPECTORS GENERAL.
The Chairman of the Board of Governors of the Federal Reserve System,
the Chairman of the Commodity Futures Trading Commission, the Chairman
of the National Credit Union Administration, the Director of the
Pension Benefit Guaranty Corporation, and the Chairman of the
Securities and Exchange Commission shall each--
(1) take action to address deficiencies identified by a
report or investigation of the Inspector General of the
establishment concerned; or
(2) certify to both Houses of Congress that no action is
necessary or appropriate in connection with a deficiency
described in paragraph (1).
SEC. 6. EFFECTIVE DATE; TRANSITION RULE.
(a) Effective Date.--This Act and the amendments made by this Act
shall take effect 30 days after the date of the enactment of this Act.
(b) Transition Rule.--An individual serving as Inspector General of
the Board of Governors of the Federal Reserve System, the Commodity
Futures Trading Commission, the National Credit Union Administration,
the Pension Benefit Guaranty Corporation, or the Securities and
Exchange Commission on the effective date of this Act pursuant to an
appointment made under section 8G of the Inspector General Act of 1978
(5 U.S.C. App.)--
(1) may continue so serving until the President makes an
appointment under section 3(a) of such Act with respect to the
Board of Governors of the Federal Reserve System, the Commodity
Futures Trading Commission, the National Credit Union
Administration, the Pension Benefit Guaranty Corporation, or
the Securities and Exchange Commission, as the case may be,
consistent with the amendments made by section 2; and
(2) shall, while serving under paragraph (1), remain subject
to the provisions of section 8G of such Act which, immediately
before the effective date of this Act, applied with respect to
the Inspector General of the Board of Governors of the Federal
Reserve System, the Commodity Futures Trading Commission, the
National Credit Union Administration, the Pension Benefit
Guaranty Corporation, or the Securities and Exchange
Commission, as the case may be, and suffer no reduction in pay.
Purpose and Summary
H.R. 885, the ``Improved Financial and Commodity Markets
Oversight and Accountability Act,'' was introduced by
Representative John Larson on February 4, 2009. H.R. 885 amends
the Inspector General Act of 1978 (IG Act) by elevating five
financial regulatory agencies--the Commodity Futures Trading
Commission, the National Credit Union Administration, the
Securities and Exchange Commission, and the Pension Benefit
Guaranty Corporation, and the Board of Governors of the Federal
Reserve System--from ``Designated Federal Entities'' (DFEs) to
``establishments'' for the purposes of the IG Act. This change
primarily affects the process for appointment of Inspectors
General (IGs) at the agencies. The position of inspector
general at ``establishments'' is a presidential appointment
made with the advice and consent of the Senate.
As amended, H.R. 885 also ensures that the changes made by
the legislation do not interfere with existing pay structures
and personnel systems at these agencies, as they relate to the
position of inspector general and other employees.
Additionally, the legislation clarifies subpoena authority for
these inspectors general and requires agency heads to report to
Congress on recommendations made by the inspectors general.
Background and Need for Legislation
The changes to the IG Act made by H.R. 885 primarily affect
the process for appointing Inspectors General at certain
financial regulatory agencies. Inspectors General at
``establishments'' are appointed by the President and confirmed
by the Senate. Inspectors General at agencies designated as
DFEs are appointed by the head of the federal entity, rather
than the President, and may also be removed by the head of the
federal entity.
H.R. 885 addresses inconsistencies in the IG Act, where
some financial regulatory agencies like the Federal Deposit
Insurance Corporation (FDIC) are ``establishments,'' and have
an Inspector General appointed by the President and confirmed
by the Senate, while other large financial regulatory agencies
like the Securities and Exchange Commission (SEC) are DFEs and,
therefore, have an inspector general who is appointed by the
agency head. H.R. 885 would create a more consistent and
independent structure by elevating the inspectors general at
these five financial regulatory agencies to be Presidentially-
appointed, Senate confirmed positions.
The IG Act was amended during the 110th Congress through
the enactment of H.R. 928, the ``Inspector General Reform Act
of 2008.'' The Inspector General Reform Act (P.L. No. 110-409)
provides new authorities and protections to both establishment
IGs and DFE IGs in a number of areas. While the Inspector
General Reform Act of 2008 reduced many of the statutory
disparities between presidential and DFE IG offices, the
process by which DFE IGs are appointed was not addressed. In
testimony before the Government Management, Organization, and
Procurement Subcommittee on March 25, 2009, the Government
Accountability Office stated, ``We believe that the differences
in the appointment and removal processes between presidentially
appointed IGs and those appointed by their agency heads result
in a clear difference in the level of independence of the IGs.
A general tenet to keep in mind is that the further removed the
appointment source is form the entity to be audited, the
greater level of independence.'' H.R. 885 would convert the IGs
at these agencies to establishment IGs in order to enhance
their independence.
Legislative History
On March 25, 2009, the Subcommittee on Government
Management, Organization, and Procurement held a hearing
entitled, ``The Roles and Responsibilities of Inspectors
General within Financial Regulatory Agencies.'' The Oversight
and Government Reform Committee then held a markup of the bill
on May 6, 2009. The Committee ordered the bill to be reported,
as amended, by voice vote.
Section-by-Section
Sec.1. Short title
The short title of the bill is the Improved Financial and
Commodity Markets Oversight and Accountability Act.
Sec.2. Elevation of certain Inspectors General to appointment pursuant
to Section 3 of the Inspector General Act of 1978
This section would amend the Inspector General Act of 1978
by elevating the Board of Governors of the Federal Reserve
System, the Commodity Futures Trading Commission, the National
Credit Union Administration, the Pension Benefit Guaranty
Corporation, and the Securities and Exchange Commission to
``establishments'' for the purposes of the IG Act.
Sec.3. Continuation of provisions relating to personnel
This section preserves the existing pay requirement for the
position of inspector general at these agencies by ensuring
that the position be classified at a grade, level, or rank
designation consistent with those of a majority of the senior
level executives (such as a General Counsel, Chief Information
Officer, Chief Financial Officer, Chief Human Capital Officer,
or Chief Acquisition Officer) at the agency. This section
extends the current pay requirement for these IGs under
subsections (b) and (c) of section 4 of the Inspector General
Reform Act of 2008 (Public Law 110-409). The section also
extends existing, agency-specific hiring and personnel system
authority to these inspectors general so that the IGs may
continue to hire personnel according to agency rules, with pay
comparable to other employees at the agencies.
Sec. 4. Subpoena authority of certain Inspectors General
This section authorizes the inspectors general at the
agencies to subpoena records and testimony from any officer or
employee of a contractor or grantee of the establishment, any
officer or employee of a subcontractor or subgrantee of such a
contractor or grantee, or any person or entity regulated by the
establishment.
Sec. 5. Corrective Responses by Heads of Certain Establishments to
Deficiencies Identified by Inspectors General
This section requires the heads of the five designated
agencies take action to address deficiencies identified by a
report or investigation of the Inspector General of the
establishment concerned or to certify to both Houses of
Congress that no action is necessary or appropriate.
Explanation of Amendments
An amendment in the nature of a substitute was offered by
Chairman Towns and accepted by the Committee on a voice vote.
As with the legislation as introduced, the amendment elevates
the inspectors general at five financial regulatory
institutions to Presidentially-appointed, Senate confirmed
positions. The amendment further ensures that the individuals
who currently hold the position of Inspector General at the
listed regulatory agencies do not suffer a reduction in pay as
a result of the changes made by the bill. The amendment
requires that the person holding the position of Inspector
General be compensated at a rate consistent with the
compensation for other high-ranking officials at the financial
regulatory agencies. The amendment further ensures that
employees of the Office of Inspector General continue to be
employed under each agency's personnel system. The amendment
also provides the Inspectors General of these agencies with the
authority to subpoena records and testimony from the agencies
and regulated entities. Lastly, the amendment requires the
regulatory agencies to take action to address deficiencies
identified by the Inspector General or to certify that such
action is unnecessary. This is consistent with a requirement
provided in legislation (S. 383) enacted earlier this year to
strengthen the authority of the Special Inspector General for
the Troubled Asset Relief Program (SIGTARP).
Committee Consideration
On Wednesday, May 6, 2009, the Committee met in open
session and favorably ordered H.R. 885, as amended, to be
reported to the House by a voice vote.
Rollcall Votes
No rollcall votes were taken.
Application of Law to the Legislation Branch
Section 102(b)(3) of Public Law 104-1 requires a
description of the application of this bill to the legislative
branch where the bill relates to terms and conditions of
employment or access to public services and accommodations.
H.R. 885 amends the Inspector General Act of 1978 by
elevating five financial regulatory agencies to
``establishments'' for the purposes of the IG Act. This bill
does not relate to employment or access to public services and
accommodations in the legislative branch.
Statement of Oversight Findings and Recommendations of the Committee
In compliance with clause 3(c)(1) of rule XIII and clause
(2)(b)(1) of rule X of the Rules of the House of
Representatives, the Committee's oversight findings and
recommendations are reflected in the descriptive portions of
this report, including the need to increase the independence of
the inspectors general at financial regulatory agencies.
Statement of General Performance Goals and Objectives
In accordance with clause 3(c)(4) of rule XIII of the Rules
of the House of Representatives, the Committee's performance
goals and objectives are reflected in the descriptive portions
of this report, including the requirement that inspectors
general at five financial regulatory agencies be
Presidentially-appointed and confirmed by the Senate.
Constitutional Authority Statement
Under clause 3(d)(1) of rule XIII of the Rules of the House
of Representatives, the Committee must include a statement
citing the specific powers granted to Congress to enact the law
proposed by H.R. 885. Article I, Section 8, Clause 18 of the
Constitution of the United States grants the Congress the power
to enact this law.
Federal Advisory Committee Act
The Committee finds that the legislation does not establish
or authorize the establishment of an advisory committee within
the definition of 5 U.S.C. App., Section 5(b).
Unfunded Mandates Statement
Section 423 of the Congressional Budget and Impoundment
Control Act (as amended by Section 101(a)(2) of the Unfunded
Mandates Reform Act, P.L. 104-4) requires a statement on
whether the provisions of the report include unfunded mandates.
In compliance with this requirement the Committee has received
a letter from the Congressional Budget Office included herein.
Earmark Identification
H.R. 885 does not include any congressional earmarks,
limited tax benefits, or limited tariff benefits as defined in
clause 9(d), 9(e), or 9(f) of rule XXI.
Committee Estimate
Clause 3(d)(2) of rule XIII of the Rules of the House of
Representatives requires an estimate and a comparison by the
Committee of the costs that would be incurred in carrying out
H.R. 885. However, clause 3(d)(3)(B) of that rule provides that
this requirement does not apply when the Committee has included
in its report a timely submitted cost estimate of the bill
prepared by the Director of the Congressional Budget Office
under section 402 of the Congressional Budget Act.
Budget Authority and Congressional Budget Office Cost Estimate
With respect to the requirements of clause 3(c)(2) of rule
XIII of the Rules of the House of Representatives and section
308(a) of the Congressional Budget Act of 1974 and with respect
to requirements of clause 3(c)(3) of rule XIII of the Rules of
the House of Representatives and section 402 of the
Congressional Budget Act of 1974, the Committee has received
the following cost estimate for H.R. 885 from the Director of
the Congressional Budget Office:
May 11, 2009.
Hon. Edolphus Towns,
Chairman, Committee on Oversight and Government Reform,
House of Representatives, Washington, DC.
Dear Mr. Chairman: The Congressional Budget Office has
prepared the enclosed cost estimate for H.R. 885, the Improved
Financial and Commodity Markets Oversight and Accountability
Act.
If you wish further details on this estimate, we will be
pleased to provide them. The CBO staff contact is Matthew
Pickford.
Sincerely,
Douglas W. Elmendorf.
Enclosure.
H.R. 885--Improved Financial and Commodity Markets Oversight and
Accountability Act
CBO estimates that enacting H.R. 885 would not have a
significant impact on the federal budget. The legislation
contains no intergovernmental or private-sector mandates as
defined in the Unfunded Mandates Reform Act and would not
affect the budgets of state, local, or tribal governments.
H.R. 885 would amend the Inspector General Act of 1978 to
require that future Inspectors General be appointed by the
President rather than their respective agency heads. This
requirement would apply to Inspectors General of the Board of
Governors of the Federal Reserve System, the Commodity Futures
Trading Commission, the National Credit Union Administration,
the Pension Benefit Guaranty Corporation, and the Securities
and Exchange Commission.
The CBO staff contact for this estimate is Matthew
Pickford. The estimate was approved by Theresa Gullo, Deputy
Assistant Director for Budget Analysis.
Changes in Existing Law Made by the Bill, as Reported
In compliance with clause 3(e) of rule XIII of the Rules of
the House of Representatives, changes in existing law made by
the bill, as reported, are shown as follows (existing law
proposed to be omitted is enclosed in black brackets, new
matter is printed in italic, existing law in which no change is
proposed is shown in roman):
INSPECTOR GENERAL ACT OF 1978
* * * * * * *
REQUIREMENTS FOR FEDERAL ENTITIES AND DESIGNATED FEDERAL ENTITIES
Sec. 8G. (a) Notwithstanding section 12 of this Act, as used
in this section--
(1) * * *
(2) the term ``designated Federal entity'' means
Amtrak, the Appalachian Regional Commission, [the Board
of Governors of the Federal Reserve System,] the Board
for International Broadcasting, [the Commodity Futures
Trading Commission,] the Consumer Product Safety
Commission, the Corporation for Public Broadcasting,
the Equal Employment Opportunity Commission, the Farm
Credit Administration, the Federal Communications
Commission, the Federal Deposit Insurance Corporation,
the Federal Election Commission, the Election
Assistance Commission, the Federal Housing Finance
Board, the Federal Labor Relations Authority, the
Federal Maritime Commission, the Federal Trade
Commission, the Legal Services Corporation, the
National Archives and Records Administration, [the
National Credit Union Administration,] the National
Endowment for the Arts, the National Endowment for the
Humanities, the National Labor Relations Board, the
National Science Foundation, the Panama Canal
Commission, the Peace Corps, [the Pension Benefit
Guaranty Corporation, the Securities and Exchange
Commission,] the Smithsonian Institution, the United
States International Trade Commission, the Postal
Regulatory Commission, and the United States Postal
Service;
* * * * * * *
(g)(1) * * *
* * * * * * *
[(3) Notwithstanding the last sentence of subsection (d) of
this section, the provisions of subsection (a) of section 8C
(other than the provisions of subparagraphs (A), (B), (C), and
(E) of subsection (a)(1)) shall apply to the Inspector General
of the Board of Governors of the Federal Reserve System and the
Chairman of the Board of Governors of the Federal Reserve
System in the same manner as such provisions apply to the
Inspector General of the Department of the Treasury and the
Secretary of the Treasury, respectively.]
* * * * * * *
SEC. 8M. SPECIAL PROVISIONS CONCERNING CERTAIN ESTABLISHMENTS
(a) Definition.--For purposes of this section, the term
``covered establishment'' means the Board of Governors of the
Federal Reserve System, the Commodity Futures Trading
Commission, the National Credit Union Administration, the
Pension Benefit Guaranty Corporation, and the Securities and
Exchange Commission.
(b) Provisions Relating to All Covered Establishments.--
(1) Provisions relating to inspectors general.--In
the case of the Inspector General of a covered
establishment, subsections (b) and (c) of section 4 of
the Inspector General Reform Act of 2008 (Public Law
110-409) shall apply in the same manner as if such
covered establishment were a designated Federal entity
under section 8G. An Inspector General who is subject
to the preceding sentence shall not be subject to
section 3(e).
(2) Provisions relating to other personnel.--
Notwithstanding paragraphs (7) and (8) of section 6(a),
the Inspector General of a covered establishment may
select, appoint, and employ such officers and employees
as may be necessary for carrying out the functions,
powers, and duties of the Office of Inspector General
of such establishment and to obtain the temporary or
intermittent services of experts or consultants or an
organization of experts or consultants, subject to the
applicable laws and regulations that govern such
selections, appointments, and employment, and the
obtaining of such services, within such establishment.
(c) Provision Relating to the Board of Governors of the
Federal Reserve System.--The provisions of subsection (a) of
section 8D (other than the provisions of subparagraphs (A),
(B), (C), and (E) of paragraph (1) of such subsection (a))
shall apply to the Inspector General of the Board of Governors
of the Federal Reserve System and the Chairman of the Board of
Governors of the Federal Reserve System in the same manner as
such provisions apply to the Inspector General of the
Department of the Treasury and the Secretary of the Treasury,
respectively.
* * * * * * *
DEFINITIONS
Sec. 12. As used in this Act--
(1) the term ``head of the establishment'' means the
Secretary of Agriculture, Commerce, Defense, Education,
Energy, Health and Human Services, Housing and Urban
Development, the Interior, Labor, State,
Transportation, Homeland Security, or the Treasury; the
Attorney General; the Administrator of the Agency for
International Development, Environmental Protection,
General Services, National Aeronautics and Space, or
Small Business, or Veterans' Affairs; the Director of
the Federal Emergency Management Agency, or the Office
of Personnel Management; the Chairman of the Nuclear
Regulatory Commission or the Railroad Retirement Board;
the Chairperson of the Thrift Depositor Protection
Oversight Board; the Chief Executive Officer of the
Corporation for National and Community Service; the
Administrator of the Community Development Financial
Institutions Fund; the chief executive officer of the
Resolution Trust Corporation; the Chairperson of the
Federal Deposit Insurance Corporation; the Commissioner
of Social Security, Social Security Administration; the
Director of the Federal Housing Finance Agency; the
Board of Directors of the Tennessee Valley Authority;
the President of the Export-Import Bank; [or the
Federal Cochairpersons of the Commissions established
under section 15301 of title 40, United States Code;]
the Federal Cochairpersons of the Commissions
established under section 15301 of title 40, United
States Code; the Chairman of the Board of Governors of
the Federal Reserve System; the Chairman of the
Commodity Futures Trading Commission; the Chairman of
the National Credit Union Administration; the Director
of the Pension Benefit Guaranty Corporation; or the
Chairman of the Securities and Exchange Commission; as
the case may be;
(2) the term ``establishment'' means the Department
of Agriculture, Commerce, Defense, Education, Energy,
Health and Human Services, Housing and Urban
Development, the Interior, Justice, Labor, State,
Transportation, Homeland Security, or the Treasury; the
Agency for International Development, the Community
Development Financial Institutions Fund, the
Environmental Protection Agency, the Federal Emergency
Management Agency, the General Services Administration,
the National Aeronautics and Space Administration, the
Nuclear Regulatory Commission, the Office of Personnel
Management, the Railroad Retirement Board, the
Resolution Trust Corporation, the Federal Deposit
Insurance Corporation, the Small Business
Administration, the Corporation for National and
Community Service, or the Veterans' Administration, the
Social Security Administration, the Federal Housing
Finance Agency, the Tennessee Valley Authority, the
Export-Import Bank, [or the Commissions established
under section 15301 of title 40, United States Code,]
the Commissions established under section 15301 of
title 40, United States Code, the Board of Governors of
the Federal Reserve System, the Commodity Futures
Trading Commission, the National Credit Union
Administration, the Pension Benefit Guaranty
Corporation, or the Securities and Exchange Commission,
as the case may be;
* * * * * * *