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reporting period, including a list of any outstanding rec- ommendations made from any previous peer review (including any peer review conducted before the reporting period) that remain outstanding or have not been fully implemented.’’.

SEC. 989D. REMOVAL OF INSPECTORS GENERAL OF DESIGNATED FED-
ERAL ENTITIES.
Section 8G(e) of the Inspector General Act of 1978 (5 U.S.C.
App.) is amended—
(1) by redesignating the sentences following ‘‘(e)’’ as para-
graph (2); and
(2) by striking ‘‘(e)’’ and inserting the following:
‘‘(e)(1) In the case of a designated Federal entity for which
a board or commission is the head of the designated Federal entity,
a removal under this subsection may only be made upon the written
concurrence of a 2⁄3 majority of the board or commission.’’.

5 USC app. 11 SEC. 989E. ADDITIONAL OVERSIGHT OF FINANCIAL REGULATORY
note. SYSTEM.
(a) COUNCIL OF INSPECTORS GENERAL ON FINANCIAL OVER-
SIGHT.—
(1) ESTABLISHMENT AND MEMBERSHIP.—There is established
a Council of Inspectors General on Financial Oversight (in
this section referred to as the ‘‘Council of Inspectors General’’)
chaired by the Inspector General of the Department of the
Treasury and composed of the inspectors general of the fol-
lowing:
(A) The Board of Governors of the Federal Reserve
System.
(B) The Commodity Futures Trading Commission.
(C) The Department of Housing and Urban Develop-
ment.
(D) The Department of the Treasury.
(E) The Federal Deposit Insurance Corporation.
(F) The Federal Housing Finance Agency.
(G) The National Credit Union Administration.
(H) The Securities and Exchange Commission.
(I) The Troubled Asset Relief Program (until the termi-
nation of the authority of the Special Inspector General
for such program under section 121(k) of the Emergency
Economic Stabilization Act of 2008 (12 U.S.C. 5231(k))).
(2) DUTIES.—
(A) MEETINGS.—The Council of Inspectors General
shall meet not less than once each quarter, or more fre-
quently if the chair considers it appropriate, to facilitate
the sharing of information among inspectors general and
to discuss the ongoing work of each inspector general who
is a member of the Council of Inspectors General, with
a focus on concerns that may apply to the broader financial
sector and ways to improve financial oversight.
(B) ANNUAL REPORT.—Each year the Council of Inspec-
tors General shall submit to the Council and to Congress
a report including—
(i) for each inspector general who is a member
of the Council of Inspectors General, a section within

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