This bill proposes a significant change to the oversight structure of the Federal Reserve System and the Bureau of Consumer Financial Protection. It mandates that the Inspector General for both the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection must be appointed by the President and subsequently confirmed by the Senate. Currently, these Inspector General positions are not subject to Presidential appointment and Senate confirmation. The legislation amends Chapter 4 of title 5, United States Code, which governs Inspector Generals, to implement this new appointment process. Specifically, it modifies sections 401, 415, and 418 of that chapter. Furthermore, the bill introduces a new section, 425, to clarify the scope of the Inspector General's authority. This new section specifies that the Inspector General will have full authority over the Bureau of Consumer Financial Protection as if it were an integral part of the Federal Reserve Board. Crucially, it also grants the Inspector General authority over Federal Reserve banks without requiring their explicit permission, thereby enhancing independent oversight.