Bills · HR 1910
IN COMMITTEE· 119TH CONGRESS
House BillHR 1910Finance and Financial Sector
Chief Risk Officer Enforcement and Accountability Act
INTRO MAR 6· LAST ACTION MAR 6
READING
4MIN
COSPONSORS
5
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it aims to strengthen the financial system and prevent future crises by improving how large banks manage their risks. When major financial institutions fail or face significant problems due to uncontrolled risks, it can have widespread negative impacts on the economy, affecting jobs, savings, and the availability of credit for everyday people and businesses.
If this bill becomes law, it means that big banks would have a dedicated, highly accountable individual specifically tasked with identifying and mitigating financial dangers, with clear reporting lines and strict rules for keeping that position filled. If it doesn't become law, banks might continue their current practices, which may or may not include such a dedicated and empowered Chief Risk Officer, potentially leaving the financial system more vulnerable to unforeseen risks and instability.
KEY PROVISIONS
5AI-extractedPROVISION 01
Requires certain large banking institutions and financial firms to appoint a Chief Risk Officer (CRO).
This makes a dedicated, senior-level risk management role mandatory, ensuring a specific individual is responsible for overseeing risks.
PROVISION 02
Outlines the specific responsibilities of the CRO, including setting risk limits, overseeing risk management policies, and managing controls across global operations.
This ensures the CRO's duties are comprehensive and clearly defined, covering all aspects of a company's risk exposure.
PROVISION 03
Mandates that the CRO report directly to both the company's risk committee and the Chief Executive Officer.
This establishes a clear and high-level reporting structure, giving the CRO authority and direct access to top leadership and oversight bodies.
PROVISION 04
Establishes a 60-day deadline to fill a CRO vacancy, after which the company must notify the public and cannot increase its total assets.
This creates a strong incentive for companies to promptly fill a critical risk management role, preventing prolonged periods without key oversight.
PROVISION 05
Removes the requirement that a financial firm must be a publicly traded company to be subject to the risk committee and CRO requirements, and extends these requirements to large banks without a bank holding company.
This expands the scope of the law to cover more types of large, complex financial institutions, ensuring broader risk oversight within the financial system.
SPONSORSHIP
1 + 5
D· Illinois
YRS IN OFFICE
7
BILLS LED
50
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 5 REP 0 IND 0
ACTION TIMELINE
2 EVENTSMAR 6
Introduced in House
MAR 6
Referred to the House Committee on Financial Services.
BILL INFO
TypeHouse Bill
NumberHR 1910
Congress119th
StatusIn Committee
IntroducedMar 6, 2025
Last actionMar 6, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED MAR 6, 2025
House BillHR 1910Finance and Financial Sector
Chief Risk Officer Enforcement and Accountability Act
INTRODUCED MAR 6, 2025· LAST ACTION MAR 6, 2025
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
5
COMPLEXITY
Moderate
