IIB 
116TH CONGRESS 
2D SESSION 
H. R. 4458 
IN THE SENATE OF THE UNITED STATES 
JANUARY 14, 2020 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Cybersecurity and Fi-
nancial System Resilience Act of 2019’’. 
SEC. 2. CYBERSECURITY AND FINANCIAL SYSTEM RESIL-
IENCE REPORT. 
(a) IN GENERAL.—Not later than the end of the 180- 
day period beginning on the date of enactment of this Act, 
and annually thereafter, each banking regulator shall sub-
mit a report to the Committee on Financial Services of 
the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate that 
provides a detailed explanation of measures undertaken to 
strengthen cybersecurity with respect to the functions of 
the regulator, including the supervision and regulation of 
financial institutions and, where applicable, third-party 
service providers. Each such report shall specifically in-
clude a detailed analysis of— 
(1) policies and procedures (including those de-
scribed under section 3554(b) of title 44, United 
States Code) that guard against— 
(A) efforts to deny access to or degrade, 
disrupt, or destroy any information and com-
munications technology system or network, or 
exfiltrate information from such a system or 
network without authorization; 
(B) destructive malware attacks; 
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(C) denial of service activities; and 
(D) any other efforts that may threaten 
the functions of the banking regulator or enti-
ties overseen by the regulator by undermining 
cybersecurity and the resilience of the financial 
system; 
(2) activities to ensure the effective implemen-
tation of policies and procedures described under 
paragraph (1), including— 
(A) the appointment of qualified staff, the 
provision of staff training, the use of account-
ability measures to support staff performance, 
and the designation, if any, of senior appointed 
leadership to strengthen accountability for over-
sight of cybersecurity measures; 
(B) deployment of adequate resources and 
technologies; 
(C) efforts to respond to cybersecurity-re-
lated findings and recommendations of the In-
spector General of the banking regulator or the 
independent evaluation described under section 
3555 of title 42, United States Code; and 
(D) as appropriate, efforts to strengthen 
cybersecurity in coordination with other Federal 
departments and agencies, domestic and foreign 
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financial institutions, and other partners, in-
cluding the development and dissemination of 
best practices regarding cybersecurity and the 
sharing of threat information; and 
(3) any current or emerging threats that are 
likely to pose a risk to the resilience of the financial 
system. 
(b) FORM OF REPORT.—The report required under 
subsection (a) shall be submitted in unclassified form, but 
may include a classified annex, if appropriate. 
(c) CONGRESSIONAL BRIEFING.—Upon request, the 
head of each banking regulator shall provide a detailed 
briefing to the appropriate Members of Congress on each 
report submitted pursuant to subsection (a), except— 
(1) the Chairman of the Board of Governors of 
the Federal Reserve System may designate another 
member of the Board of Governors of the Federal 
Reserve System to provide such briefing; 
(2) the Chairperson of the Federal Deposit In-
surance Corporation may designate another member 
of the Board of Directors of the Corporation to pro-
vide such briefing; and 
(3) the Chairman of the National Credit Union 
Administration may designate another member of 
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the National Credit Union Administration Board to 
provide such briefing. 
(d) DEFINITIONS.—For the purposes of this Act: 
(1) APPROPRIATE MEMBERS OF CONGRESS.— 
The term ‘‘appropriate Members of Congress’’ 
means the following: 
(A) The Chairman and Ranking Member 
of the Committee on Financial Services of the 
House of Representatives. 
(B) The Chairman and Ranking Member 
of the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
(2) BANKING REGULATOR.—The term ‘‘banking 
regulator’’ means the Board of Governors of the 
Federal Reserve System, the Comptroller of the Cur-
rency, the Federal Deposit Insurance Corporation, 
and the National Credit Union Administration. 
(3) SENIOR
APPOINTED
LEADERSHIP.—With 
respect to a banking regulator, the term ‘‘senior ap-
pointed leadership’’ means a position that requires 
Senate confirmation. 
(e) SUNSET.—The provisions of this Act shall have 
no force or effect on or after the date that is 7 years after 
the date of enactment of this Act. 
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SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
vided that such statement has been submitted prior to the 
vote on passage. 
Passed the House of Representatives January 13, 
2020. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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