I 

116TH CONGRESS 

1ST SESSION H. R. 4458 

To require the Board of Governors of the Federal Reserve System to issue 

reports on cybersecurity with respect to the functions of the Federal 

Reserve System, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 24, 2019 

Mr. MCHENRY introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the Board of Governors of the Federal Reserve 

System to issue reports on cybersecurity with respect 

to the functions of the Federal Reserve System, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Cybersecurity and Fi5 nancial System Resilience Act of 2019’’. 

6 SEC. 2. CYBERSECURITY REPORT. 

7 (a) IN GENERAL.—Not later than the end of the 180- 

8 day period beginning on the date of enactment of this Act, 


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1 and annually thereafter, the Board of Governors of the 

2 Federal Reserve System shall submit a report to the Com3 mittee on Financial Services of the House of Representa4 tives and the Committee on Banking, Housing, and Urban 

5 Affairs of the Senate that provides a detailed explanation 

6 on measures taken by the Board of Governors and the 

7 Federal reserve banks to strengthen cybersecurity with re8 spect to the functions of the Federal Reserve System, in9 cluding the supervision and regulation of financial institu10 tions. Each such report shall specifically include a detailed 

11 explanation of— 

12 (1) policies and procedures that guard 

13 against— 

14 (A) efforts to deny access to or degrade, 

15 disrupt, or destroy any information and com16 munications technology system or network, or 

17 exfiltrate information from such a system or 

18 network without authorization; 

19 (B) destructive malware attacks; 

20 (C) denial of service activities; and 

21 (D) any other efforts that, in the deter22 mination of the Board, may threaten the func23 tions of the Federal Reserve System by under24 mining cybersecurity; and 


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1 (2) activities to ensure the effective implemen2 tation of policies and procedures described under 

3 paragraph (1), including— 

4 (A) the appointment of qualified staff, the 

5 provision of staff training, and the use of ac6 countability measures to support staff perform7 ance; 

8 (B) deployment of adequate resources and 

9 technologies; 

10 (C) the development and dissemination of 

11 best practices regarding cybersecurity; and 

12 (D) as appropriate, efforts to strengthen 

13 cybersecurity in coordination with departments 

14 and agencies of the Federal Government, for15 eign central banks, and other partners. 

16 (b) FORM OF REPORT.—The report required under 

17 subsection (a) shall be submitted in unclassified form, but 

18 may include a classified annex, if appropriate. 

19 (c) CONGRESSIONAL BRIEFING.—The Chairman of 

20 the Board of Governors of the Federal Reserve System, 

21 or a member of the Board of Governors (as designated 

22 by the Chairman), shall provide a detailed briefing to the 

23 appropriate Members of Congress on each report sub24 mitted pursuant to subsection (a). 


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1 (d) APPROPRIATE MEMBERS OF CONGRESS DE2 FINED.—For the purposes of this Act, the term ‘‘appro3 priate Members of Congress’’ means the following: 

4 (1) The Chairman and Ranking Member of the 

5 Committee on Financial Services of the House of 

6 Representatives. 

7 (2) The Chairman and Ranking Member of the 

8 Committee on Banking, Housing, and Urban Affairs 

9 of the Senate. 

10 (e) SUNSET.—The provisions of this Act shall have 

11 no force or effect on or after the date that is 7 years after 

12 the date of enactment of this Act. 

Æ 


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