Deep Tide TechFlow News, June 9, according to Jin Shi Data reports, the Federal Reserve has recently announced that Michael Horowitz will serve as the new Inspector General of the Federal Reserve. Horowitz succeeds Mark Bialek, who held the position since 2011 and retired in April of this year. As the Inspector General of the Federal Reserve, he is also responsible for independent oversight of the Consumer Financial Protection Bureau (CFPB). His previous position was Inspector General (IG) of the Department of Justice. The Inspector General of the Federal Reserve is appointed by the Chair, which is unusual among government regulatory agencies. Some senators believe that this arrangement prevents the Inspector General from providing true oversight of the Federal Reserve, and they have proposed legislation to require the President to appoint the Inspector General, subject to Senate confirmation. Following the insider trading scandal at the Federal Reserve, the Inspector General has become a focus of public attention, as the agency is responsible for judging whether the trading activities of certain Federal Reserve officials meet ethical standards.