H.R. 4062 · 118th Congress
Chief Risk Officer Enforcement and Accountability Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CastenSponsor6 cosponsors · 6 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill provides statutory authority for requiring large bank holding companies to appoint a chief risk officer and expands which companies must establish a risk committee and appoint a chief risk officer.
What it does: CRS summary · Introduced in House · Jun 13, 2023
Chief Risk Officer Enforcement and Accountability Act
This bill provides statutory authority for requiring large bank holding companies to appoint a chief risk officer and expands which companies must establish a risk committee and appoint a chief risk officer. Currently, only large bank holding companies that are public companies are required to establish risk committees and, by regulation, have chief risk officers. Under the bill, risk committees and chief risk officers are also required for (1) privately-held large bank holding companies, and (2) large banks that do not have a holding company.
Further, the Federal Reserve Board is allowed to require smaller bank holding companies to establish a risk committee and appoint a chief risk officer. Currently, the board is allowed to require smaller bank companies that are public companies establish risk committees.
Chief risk officers are responsible for the establishment of risk limits, monitoring compliance, and reporting any deficiencies to the risk committee.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Chief Risk Officer Enforcement and Accountability Act
Latest action (Jun 13, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 13, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.