,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #djfb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ac1 #bjbc ,mr4 
,ca/5 7= himself1 ,mr4 ,gre5 ( ,texas1  
,mr4 ,nickel1 ,mr4 ,got!im]1 ,mr4       
,%]man1 & ,mr4 ,torres ( ,new ,york7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,f9ancial ,/ability  
,act ( #bjaj to require c]ta9 l>ge bank+
 in/itutions to h a ,*ief ,risk ,(fic]1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,*ief ,risk ,(fic] 
,en=cem5t & ,acc\ntability ,act4  #b4   
,*ief risk (fic] ,section #afe7;h7 ( !  
,f9ancial ,/ability ,act ( #bjaj 7#ab   
,u4,s4,c4 #ecfe7;h77 is am5d$--  7#a7 9 
p>agraph 7#b7-- 7,a7 by /rik+ t is a    
publicly trad$ company & ea* place su*  
t]m appe>s2 &  7,b7 by ins]t+ 1 & appo9t
 a *ief risk (fic]1 z set =? 9 p>agraph 
7#d7 aft] z set =? 9 p>agraph 7#c7 ea*  
place su* t]m appe>s2  7#b7 by          
r$esignat+ p>agraph 7#d7 z p>agraph     
7#f72 &  7#c7 by ins]t+ aft] p>agraph   

7#c7 ! foll[+3  7#d7 ,*ief risk (fic]   
7,a7 ,9 g5]al ,a *ief risk (fic] requir$
 by ?is subsection %all be appo9t$ by a 
company f among individuals ) exp]i5ce 9
 id5tify+1 assess+1 & manag+ risk       
exposures ( l>ge1 complex f9ancial      
firms4  7,b7 ,responsibilities ,a *ief  
risk (fic] %all be responsible = ov]see+
 ! foll[+3 7i7 ,! e/abli%m5t ( risk     
limits on an ent]prise-wide basis & !   
monitor+ ( compliance ) su* limits4     
7ii7 ,! implem5tation ( & ongo+         
compliance ) ! policies & proc$ures     
e/abli%+ risk-managem5t gov]nance1      
risk-managem5t proc$ures1 & risk-control
 infra/ructure = ! global op]ations ( ! 
company4  7iii7 ,! developm5t &         
implem5tation ( ! processes & sy/ems =  
implem5t+ & monitor+ compliance ) !     
policies & proc$ures describ$ "u clause 
7ii71 includ+--  7,i7 processes & sy/ems
 = id5tify+ & report+ risks &           
risk-managem5t defici5cies1 includ+     
reg>d+ em]g+ risks1 & ensur+ effective &
 timely implem5tation ( actions to      

address em]g+ risks & risk-managem5t    
defici5cies = ! global op]ations ( !    
company2  7,,ii7 processes & sy/ems =   
e/abli%+ manag]ial & employee           
responsibility = risk managem5t2        
7,,iii7 processes & sy/ems = ensur+ !   
indep5d5ce ( ! risk-managem5t function2 
&  7,,iv7 processes & sy/ems to         
integrate risk managem5t & associat$    
controls ) managem5t goals & !          
comp5sation /ructure ( ! company = !    
global op]ations ( ! company4  7iv7 ,!  
managem5t ( risks & risk controls )9 !  
p>amet]s ( ! company's risk-control     
framework1 & monitor+ & te/+ ( !        
company's risk controls4  7,c7 ,report+ 
responsibilities ,a *ief risk (fic]     
%all--  7i7 report directly to bo? !    
risk committee describ$ "u p>agraph 7#c7
 & ! *ief executive (fic] ( ! company2 &
  7ii7 be responsible = report+         
risk-managem5t defici5cies & em]g+ risks
 to ! risk committee describ$ "u        
p>agraph 7#c7 & resolv+ risk-managem5t  
defici5cies 9 a timely mann]4  7,d7     

,vacancies  7i7 ,notification to        
regulators ,) respect to a *ief risk    
(fic] requir$ by ?is subsection1 if !   
(fice ( a *ief risk (fic] becomes       
vacant1 ! company %all-- 7,i7 n lat] ?an
 #bd h\rs aft] su* vacancy occurs1      
notify ! prim>y f9ancial regulatory     
ag5cy ( ! company1 ! prim>y f9ancial    
regulatory ag5cy ( any depository       
in/itution subsidi>y ( ! company1 & any 
,/ate ag5cy ) sup]visory au?ority ov] ! 
company or any depository in/itution    
subsidi>y ( ! company ( su* vacancy2 &  
7,,ii7 n lat] ?an #g days aft] su*      
vacancy occurs1 submit a plan to !      
prim>y f9ancial regulatory ag5cy ( !    
company1 ! prim>y f9ancial regulatory   
ag5cy ( any depository in/itution       
subsidi>y ( ! company1 & any ,/ate ag5cy
 ) sup]visory au?ority ov] ! company or 
any depository in/itution subsidi>y ( ! 
company on h[ ! company w se>* = &      
promptly hire a well-qualifi$ *ief risk 
(fic] to fill ! vacancy4  7ii7 ,failure 
to fill vacancy ,) respect to a vacancy 

describ$ "u clause 7i71 if ! company    
does n fill ! vacancy )9 #fj days ( !   
vacancy occurr+--  7,i7 ! company %all  
notify ! public1 includ+ on ! website ( 
! company1 t ! vacancy has exi/$ = m ?an
 #fj days2 &  7,,ii7 ! total assets ( ! 
company may n exce$ ! total assets ( !  
company on ! date ! vacancy occurr$     
until su* "t z ! vacancy is fill$4  7#e7
 ,application to l>ge banks ) no bank   
hold+ company ,! prim>y f9ancial        
regulatory ag5cies %all issue           
regulations requir+ ea* bank t does n h 
a bank hold+ company & t has total      
consolidat$ assets ( n less ?an         
#ej1jjj1jjj1jjj to e/abli% a risk       
committee1 z set =? 9 p>agraph 7#c7 &   
appo9t a *ief risk (fic]1 z set =? 9    
p>agraph 7#d74  7#f7 ,prim>y f9ancial   
regulatory ag5cy = c]ta9 nonbank        
f9ancial companies ,= purposes ( ?is    
subsection1 ! prim>y f9ancial regulatory
 ag5cy = a nonbank f9ancial company     
sup]vis$ by ! ,bo>d ( ,gov]nors %all be 
! ,bo>d ( ,gov]nors4  4