Chief Risk Officer Enforcement and Accountability Act

Bill 119 HR 1910, also known as the Chief Risk Officer Act, aims to amend the Financial Stability Act of 2010 by requiring large banking institutions to appoint a Chief Risk Officer. This officer would be responsible for overseeing and managing the institution's risk management practices to ensure financial stability and prevent potential crises.

The bill seeks to address concerns about the lack of oversight and accountability in the banking industry, particularly in the wake of the 2008 financial crisis. By mandating the appointment of a Chief Risk Officer, the legislation aims to improve risk management practices within large banking institutions and enhance transparency and accountability.

In addition to requiring the appointment of a Chief Risk Officer, the bill also includes provisions for reporting requirements and oversight mechanisms to ensure compliance with the new regulations. This includes regular reporting to regulatory agencies and Congress on risk management practices and potential risks facing the institution. Overall, the Chief Risk Officer Act is designed to strengthen the financial stability of large banking institutions and prevent future financial crises by improving risk management practices and increasing accountability within the industry.