I 
119TH CONGRESS 
1ST SESSION H. R. 1910 
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 
MARCH 6, 2025 
Mr. CASTEN (for himself, Mr. SHERMAN, Mr. DAVID SCOTT of Georgia, Mr. 
GREEN of Texas, and Mr. TORRES of New York) introduced the following 
bill; which was referred to the Committee on Financial Services 
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 (7); 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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dures establishing risk-management gov-
ernance, risk-management procedures, and 
risk-control infrastructure for the global 
operations of the company. 
‘‘(iii) The development and implemen-
tation of the processes and systems for im-
plementing and monitoring compliance 
with the policies and procedures described 
under clause (ii), including— 
‘‘(I) processes and systems for 
identifying and reporting risks and 
risk-management deficiencies, includ-
ing regarding emerging risks, and en-
suring effective and timely implemen-
tation of actions to address emerging 
risks 
and 
risk-management 
defi-
ciencies for the global operations of 
the company; 
‘‘(II) processes and systems for 
establishing managerial and employee 
responsibility for risk management; 
‘‘(III) processes and systems for 
ensuring the independence of the risk- 
management function; and 
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‘‘(IV) processes and systems to 
integrate risk management and associ-
ated controls with management goals 
and the compensation structure of the 
company for the global operations of 
the company. 
‘‘(iv) The management of risks and 
risk controls within the parameters of the 
company’s risk-control framework, and 
monitoring and testing of the company’s 
risk controls. 
‘‘(C) REPORTING
RESPONSIBILITIES.—A 
chief risk officer shall— 
‘‘(i) report directly to both the risk 
committee described under paragraph (3) 
and the chief executive officer of the com-
pany; and 
‘‘(ii) be responsible for reporting risk- 
management deficiencies and emerging 
risks to the risk committee described under 
paragraph (3) and resolving risk-manage-
ment deficiencies in a timely manner. 
‘‘(D) VACANCIES.— 
‘‘(i) 
NOTIFICATION
TO
REGU-
LATORS.—With respect to a chief risk offi-
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cer required by this subsection, if the office 
of a chief risk officer becomes vacant, the 
company shall— 
‘‘(I) not later than 24 hours after 
such vacancy occurs, notify the pri-
mary financial regulatory agency of 
the company, the primary financial 
regulatory agency of any depository 
institution subsidiary of the company, 
and any State agency with supervisory 
authority over the company or any de-
pository institution subsidiary of the 
company of such vacancy; and 
‘‘(II) not later than 7 days after 
such vacancy occurs, submit a plan to 
the primary financial regulatory agen-
cy of the company, the primary finan-
cial regulatory agency of any deposi-
tory institution subsidiary of the com-
pany, and any State agency with su-
pervisory authority over the company 
or any depository institution sub-
sidiary of the company on how the 
company will search for and promptly 
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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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