United States HR 4458: Cybersecurity and Financial System Resilience Act of 2019

Bill Text

I 
116THCONGRESS 
1
STSESSION 
H. R. 4458 
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. 
IN  THE  HOUSE  OF  REPRESENTATIVES  
SEPTEMBER24, 2019 
Mr. M
CHENRYintroduced the following bill; which was referred to the 
Committee on Financial Services 
A  BILL  
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-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This  Act  may  be  cited  as  the  ‘‘Cybersecurity  and  Fi-4
nancial System Resilience Act of 2019’’. 5
SEC. 2. CYBERSECURITY REPORT. 6
(a) I
NGENERAL.—Not later than the end of the 180- 7
day period beginning on the date of enactment of this Act, 8
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and  annually  thereafter,  the  Board  of  Governors  of  the  1
Federal Reserve System shall submit a report to the Com-2
mittee  on  Financial  Services  of  the  House  of  Representa-3
tives and the Committee on Banking, Housing, and Urban 4
Affairs  of  the  Senate  that  provides  a  detailed  explanation  5
on  measures  taken  by  the  Board  of  Governors  and  the  6
Federal reserve banks to strengthen cybersecurity with re-7
spect  to  the  functions  of  the  Federal  Reserve  System,  in-8
cluding the supervision and regulation of financial institu-9
tions. Each such report shall specifically include a detailed 10
explanation of— 11
(1)    policies    and    procedures    that    guard    12
against— 13
(A)  efforts  to  deny  access  to  or  degrade,  14
disrupt,  or  destroy  any  information  and  com-15
munications  technology  system  or  network,  or  16
exfiltrate  information  from  such  a  system  or  17
network without authorization; 18
(B) destructive malware attacks; 19
(C) denial of service activities; and 20
(D)  any  other  efforts  that,  in  the  deter-21
mination  of  the  Board,  may  threaten  the  func-22
tions  of  the  Federal  Reserve  System  by  under-23
mining cybersecurity; and 24
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•HR  4458  IH
(2)  activities  to  ensure  the  effective  implemen-1
tation  of  policies  and  procedures  described  under  2
paragraph (1), including— 3
(A)  the  appointment  of  qualified  staff,  the  4
provision  of  staff  training,  and  the  use  of  ac-5
countability  measures  to  support  staff  perform-6
ance; 7
(B)  deployment  of  adequate  resources  and  8
technologies; 9
(C)  the  development  and  dissemination  of  10
best practices regarding cybersecurity; and 11
(D)  as  appropriate,  efforts  to  strengthen  12
cybersecurity  in  coordination  with  departments  13
and  agencies  of  the  Federal  Government,  for-14
eign central banks, and other partners. 15
(b)  F
ORM  OFREPORT.—The  report  required  under  16
subsection (a) shall be submitted in unclassified form, but 17
may include a classified annex, if appropriate. 18
(c)  C
ONGRESSIONALBRIEFING.—The  Chairman  of  19
the  Board  of  Governors  of  the  Federal  Reserve  System,  20
or  a  member  of  the  Board  of  Governors  (as  designated  21
by  the  Chairman),  shall  provide  a  detailed  briefing  to  the  22
appropriate  Members  of  Congress  on  each  report  sub-23
mitted pursuant to subsection (a). 24
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(d)   APPROPRIATEMEMBERS    OFCONGRESSDE-1
FINED.—For  the  purposes  of  this  Act,  the  term  ‘‘appro-2
priate Members of Congress’’ means the following: 3
(1)  The  Chairman  and  Ranking  Member  of  the  4
Committee  on  Financial  Services  of  the  House  of  5
Representatives. 6
(2)  The  Chairman  and  Ranking  Member  of  the  7
Committee  on  Banking,  Housing,  and  Urban  Affairs  8
of the Senate. 9
(e)  S
UNSET.—The  provisions  of  this  Act  shall  have  10
no force or effect on or after the date that is 7 years after 11
the date of enactment of this Act. 12
Æ 
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