Section 989E of the Dodd-Frank Act created the Council of Inspectors General on Financial Oversight (CIGFO). Appropriately named, CIGFO is made up of the Inspector Generals of nine federal agencies–the Fed, CFTC, HUD, Treasury, FDIC, FHFA, NCUA, SEC and SIGTARP–involved in financial oversight.
CIGFO’s purpose is to facilitate information sharing and discussions among members about their ongoing work, with a focus on concerns relating to the broader financial sector and ways to improve financial oversight. CIGFO also is required to produce an annual report, the first of which was issued today:
The SEC-OIG’s contribution, beginning on page 59, reviews recent examples of oversight work by the SEC-OIG and notes that going forward the SEC-OIG plans to:
- conduct a full audit of the SEC’s economic analysis for a sample of Dodd-Frank rulemaking projects to determine if the SEC is performing its cost-benefit analyses in compliance with applicable requirements (we know what the DC Circuit Court of Appeals thinks about that);
- conduct a study of the whistleblower protections established under the Dodd-Frank Act (as required by Section 922 of the Act);
- review the SEC’s Office of Minority and Women Inclusion; and
- review of the SEC’s internal organizational structure “to ensure efficiencies and lack of duplication of efforts”.