Chief Risk Officer Enforcement and Accountability Act
Latest action · Jun 13, 2023 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 13, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Jun 13, 2023 to Jun 20, 2023, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Al Green | Original | Jun 13, 2023 |
| D-CA | Brad Sherman | Original | Jun 13, 2023 |
| D-NJ | Josh Gottheimer | Original | Jun 13, 2023 |
| D-NY | Ritchie Torres | Original | Jun 13, 2023 |
| D-NC | Wiley Nickel | Original | Jun 13, 2023 |
| D-GA | David Scott | Jun 20, 2023 |
Actions 2
Everything that happened, newest first.
- Jun 13, 2023Introduced in House
- Jun 13, 2023Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jun 13, 2023Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.