HR 3364119th CongressIntroduced

Federal Retirement Thrift Investment Board Inspector General Act of 2025

Introduced: May 13, 2025

Financial Services

Standard Summary

Comprehensive overview in 1-2 paragraphs

H.R. 3364 would create a dedicated Inspector General for the Federal Retirement Thrift Investment Board (FRB) by amending the Inspector General Act of 1978. The bill adds the FRB to the set of federal entities covered by the Inspector General framework and clarifies that the FRB’s Executive Director is to be referenced in the same way as other agency heads for appointing/operational purposes. In practical terms, this would establish an independent office inside the FRB to audit, investigate, and evaluate FRB programs and operations (including the governance and management of the Thrift Savings Plan, the FRB’s core mission). The goal is to improve accountability, detect waste or fraud, and strengthen internal controls at the FRB.

Key Points

1Establishes a Federal Retirement Thrift Investment Board Inspector General (FRB IG) as part of the Inspector General Act framework.
2Amends Section 401 to explicitly include the Federal Retirement Thrift Investment Board in the covered entities list.
3Inserts reference to the FRB’s Executive Director in the relevant provisions, aligning the FRB’s leadership with the IG appointment/oversight language (alongside other agency heads such as “the Director of the National” or similar entities).
4Creates an independent office with authority to audit, investigate, and evaluate FRB programs and operations, including the Thrift Savings Plan.
5Signals that FRB is subject to IG oversight consistent with other federal agencies, aiming to improve transparency, accountability, and internal controls.

Impact Areas

Primary group/area affected: The Federal Retirement Thrift Investment Board and its operations (notably the governance and management of the Thrift Savings Plan).Secondary group/area affected: Federal employees and retirees who participate in or rely on FRB programs, since IG oversight could influence program integrity and performance.Additional impacts: Enhanced accountability and potential changes in FRB internal controls, reporting practices, and cooperation with the new FRB IG; potential budgetary or staffing implications to support an independent IG office; alignment with existing IG protections and reporting requirements (e.g., independence, non-retaliation, annual/ semiannual reporting).

Generated by gpt-5-nano on Oct 3, 2025