Referred to the House Committee on Financial Services.
The bill amends section 165(h) of the Financial Stability Act of 2010 to require large banking companies and certain large banks without holding companies (assets ≥ $50 billion) to appoint a Chief Risk Officer (CRO). It defines CRO qualifications, responsibilities (enterprise-wide risk limits, governance, risk-identification/reporting systems, independence, integration with compensation), reporting lines to the risk committee and CEO, and sets notification and hiring timelines for vacancies, including public notice and a freeze on asset growth if a vacancy exceeds 60 days.
Liberals emphasize stronger accountability and systemic-risk benefits
Relative to its intended legislative type, this bill meaningfully amends statutory obligations by requiring Chief Risk Officers at covered firms and specifying duties and vacancy procedures; it is relatively clear on roles and near-term operational steps but provides limited guidance on enforcement, regulatory implementation timelines, fiscal impacts, and exceptions.
The bill amends section 165(h) of the Financial Stability Act of 2010 to require large banking companies and certain large banks without holding companies (assets ≥ $50 billion) to appoint a Chief Risk Officer (CRO).
It defines CRO qualifications, responsibilities (enterprise-wide risk limits, governance, risk-identification/reporting systems, independence, integration with compensation), reporting lines to the risk committee and CEO, and sets notification and hiring timelines for vacancies, including public notice and a freeze on asset growth if a vacancy exceeds 60 days.
The Board of Governors is designated the primary regulator for covered nonbank financial firms it supervises.
Narrow regulatory aim helps, but substantive industry pushback, novel penalties, and enforcement complexity lower chances absent strong regulatory or bipartisan support.
Relative to its intended legislative type, this bill meaningfully amends statutory obligations by requiring Chief Risk Officers at covered firms and specifying duties and vacancy procedures; it is relatively clear on roles and near-term operational steps but provides limited guidance on enforcement, regulatory implementation timelines, fiscal impacts, and exceptions.
Liberals emphasize stronger accountability and systemic-risk benefits
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberals emphasize stronger accountability and systemic-risk benefits
Generally supportive: sees the bill as strengthening corporate accountability and systemic risk controls by mandating a senior risk officer with clear duties and reporting lines.
May want stronger independence, public transparency, and explicit coverage of climate and social risks.
Cautiously favorable: sensible, targeted corporate governance reform to reduce systemic risk, but wants clear, pragmatic regulatory implementation to limit unintended costs or litigation.
Seeks phased timelines and proportionality.
Skeptical or opposed: views the bill as federal intrusion into private corporate governance, imposing burdensome rules and punitive consequences (asset growth freeze) that could harm competitiveness and innovation.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Narrow regulatory aim helps, but substantive industry pushback, novel penalties, and enforcement complexity lower chances absent strong regulatory or bipartisan support.
The bill has not accumulated any surfaced votes yet.
Liberals emphasize stronger accountability and systemic-risk benefits
Narrow regulatory aim helps, but substantive industry pushback, novel penalties, and enforcement complexity lower chances absent strong reg…
Relative to its intended legislative type, this bill meaningfully amends statutory obligations by requiring Chief Risk Officers at covered firms and specifying duties and vacancy procedures; it is relatively clear on ro…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.