Top Republican Introduces New Bill to Combat Growing Cybersecurity Threat
Washington,
September 24, 2019 -
WASHINGTON – Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10) introduced new legislation to ensure the Federal Reserve is prioritizing cybersecurity and modernization to combat the growing threat of cyberattacks to our financial system.
“This summer, more than a million people fell victim to the most recent high-profile theft of customer records, and this isn’t an isolated incident,” said Ranking Member McHenry. “While our financial institutions fend off these types of attacks daily, we must acknowledge and address the systemic risk these 21st century threats pose to our financial system. When our committee heard from the CEOs of America’s seven largest banks earlier this year, the majority of the CEOs cited cyberattacks as the foremost risk they faced. We need to ensure the Fed is working with financial institutions, regulators, third party service providers, and government partners to ensure that all parties are appropriately prioritizing and safeguarding American’s most sensitive information and our financial system. My bill ensures Congress is read-in on the Fed’s cybersecurity countermeasures, and its oversight functions of financial institutions, to help us better protect consumers from the threats of tomorrow.”
Background: H.R. 4458, the “Cybersecurity and Financial System Resilience Act of 2019,” requires the Board of Governors of the Federal Reserve System to provide an annual report and briefings to the House Financial Services Committee and Senate Banking Committee on its cybersecurity efforts.
