Detailed Summary

<b>(This measure has not been amended since it was reported to the House on May 18, 2009. The summary of that version is repeated here.)</b>

Improved Financial and Commodity Markets Oversight and Accountability Act - Amends the Inspector General Act of 1978 to include the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Pension Benefit Guaranty Corporation (PBGC), and the Securities and Exchange Commission (SEC) as establishments the Inspector Generals of which shall be appointed by the President.

Applies existing pay requirements under the Inspector General Reform Act of 2008 to the Inspectors General of such entities. Permits such Inspectors General to select, appoint, and employ such officers and employees as necessary and to obtain services of experts or consultants.

Authorizes such Inspectors General to subpoena records and testimony necessary in the performance of their assigned functions.

Requires the heads of those entities to: (1) take action to address deficiencies identified by their Inspector General; or (2) certify to both Houses of Congress that no action is necessary or appropriate.

Status of the Legislation

Latest Major Action: 7/29/2009: Senate committee/subcommittee actions. Status: Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment favorably.

Points in Favor

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Points Against

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