The Federal Reserve released a statement today announcing that Mark Bialek will head up internal investigations as inspector general of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB), should Congress confirm a nominee for the latter.
According to the statement, Bialek will replace Elizabeth A. Coleman, who retired in May after serving for four years in the same position. He will assume her responsibilities by advancing economic growth, streamlining programs to improve efficiency, and preventing and slashing waste, fraud, and abuse at both the Fed and CFPB
A spokesperson for the Federal Reserve declined to comment.
With more than 30 years of experience in federal inspections, Bialek previously served as deputy inspector general of the Environmental Protection Agency (EPA).
He climbed his way to the position by serving as the EPA's acting deputy inspector general, associate deputy inspector general, and counsel to the agency's inspector general.
Before his time with the EPA, Bialek served as deputy counsel to the inspector general of the State Department for 12 years. He also holds a law degree from the Antioch School of Law and a bachelor's degree from Suffolk University
Established by Congress to serve as an independent oversight authority within the Board, the Fed's chief inspections unit recently arrogated new powers under the Dodd-Frank Act, which empowered the office with rule-making and enforcement capabilities.
According to the Fed's statement, the Office of Inspector General will continue to receive financing from, but remain independent of, the central bank.
Bialek will take over as inspector at the CFPB if a nominee is confirmed by Congress, an act that would give the Fed jurisdiction over the bureau. If Congress fails to confirm a nominee, the CFPB will remain at the Treasury Department