Hey, do you remember when we were told that if we voted for John McCain it would mean more of the Bush-era consolidation of power in the Executive branch to the exclusion of Congress? Well, they were right.
Inspectors general at five financial regulatory agencies are objecting to legislation that would elevate their positions to the presidential-appointment level, arguing that the move would compromise their ability to conduct independent investigations.
The bill would elevate the five officials at the Federal Reserve Board of Governors, the Commodity Futures Trading Commission, the National Credit Union Administration, the Securities and Exchange Commission, and the Pension Benefit Guaranty Corp.
Supporters of the measure say the five IGs need greater flexibility and more distance between their work and possible interference from agency leadership, especially amid the economic meltdown. But opponents fear that the politics and length of time associated with the appointment process would delay investigations.
The bill, passed last month by the House and awaiting Senate consideration, comes amid a period of increased tension for the government watchdog community, which has seen the departure or dismissal of three inspectors general in recent weeks.
Last month, the International Trade Commission dismissed its inspector general and President Obama fired Gerald Walpin, inspector general at the Corporation for National and Community Service. Also, Amtrak's inspector general retired suddenly after delivering to leadership of the federally backed corporation an independent audit alleging interference with his probes. Amtrak said retirement arrangements had been made before the analysis was delivered.
As it stands now, the Inspectors General report to both the President and Congress. This legislation will eliminate any oversight of the position by Congress.
The President has appointed no fewer than a dozen “czars” running around operating outside of any official oversight except that of the Oval Office and now it appears we may have dozens more IGs that will be the exclusive patronage of the administration.
Ask Gerald Walpin and he might remind us of the adage of keeping your friends close and your enemies closer.
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