I 
118TH CONGRESS 
1ST SESSION H. R. 4062 
To amend the Financial Stability Act of 2010 to require certain large banking 
institutions to have a Chief Risk Officer, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 13, 2023 
Mr. CASTEN
(for himself, Mr. GREEN
of Texas, Mr. NICKEL, Mr. 
GOTTHEIMER, Mr. SHERMAN, and Mr. TORRES of New York) introduced 
the following bill; which was referred to the Committee on Financial Serv-
ices 
A BILL 
To amend the Financial Stability Act of 2010 to require 
certain large banking institutions to have a Chief Risk 
Officer, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Chief Risk Officer En-
forcement and Accountability Act’’. 
SEC. 2. CHIEF RISK OFFICER. 
Section 165(h) of the Financial Stability Act of 2010 
(12 U.S.C. 5365(h)) is amended— 
(1) in paragraph (2)— 
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(A) by striking ‘‘that is a publicly traded 
company and’’ each place such term appears; 
and 
(B) by inserting ‘‘, and appoint a chief risk 
officer, as set forth in paragraph (4)’’ after ‘‘as 
set forth in paragraph (3)’’ each place such 
term appears; 
(2) by redesignating paragraph (4) as para-
graph (6); and 
(3) by inserting after paragraph (3) the fol-
lowing: 
‘‘(4) CHIEF RISK OFFICER.— 
‘‘(A) IN GENERAL.—A chief risk officer re-
quired by this subsection shall be appointed by 
a company from among individuals with experi-
ence in identifying, assessing, and managing 
risk exposures of large, complex financial firms. 
‘‘(B) RESPONSIBILITIES.—A chief risk of-
ficer shall be responsible for overseeing the fol-
lowing: 
‘‘(i) The establishment of risk limits 
on an enterprise-wide basis and the moni-
toring of compliance with such limits. 
‘‘(ii) The implementation of and ongo-
ing compliance with the policies and proce-
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hire a well-qualified chief risk officer 
to fill the vacancy. 
‘‘(ii) FAILURE
TO
FILL
VACANCY.— 
With respect to a vacancy described under 
clause (i), if the company does not fill the 
vacancy within 60 days of the vacancy oc-
curring— 
‘‘(I) the company shall notify the 
public, including on the website of the 
company, that the vacancy has existed 
for more than 60 days; and 
‘‘(II) the total assets of the com-
pany may not exceed the total assets 
of the company on the date the va-
cancy occurred until such time as the 
vacancy is filled. 
‘‘(5) APPLICATION TO LARGE BANKS WITH NO 
BANK HOLDING COMPANY.—The primary financial 
regulatory agencies shall issue regulations requiring 
each bank that does not have a bank holding com-
pany and that has total consolidated assets of not 
less than $50,000,000,000 to establish a risk com-
mittee, as set forth in paragraph (3) and appoint a 
chief risk officer, as set forth in paragraph (4). 
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‘‘(6) PRIMARY FINANCIAL REGULATORY AGEN-
CY
FOR
CERTAIN
NONBANK
FINANCIAL
COMPA-
NIES.—For purposes of this subsection, the primary 
financial regulatory agency for a nonbank financial 
company supervised by the Board of Governors shall 
be the Board of Governors.’’. 
Æ 
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