Press Releases

Financial Services Committee Passes McHenry Bill To Combat Cybersecurity Threats

Washington, October 30, 2019 -

Today, the House Financial Services Committee passed H.R. 4458, the “Cybersecurity and Financial System Resilience Act of 2019,” a bill introduced by the top Republican on the committee, Patrick McHenry (NC-10), last month. This legislation, which passed with broad bipartisan support, will ensure regulators are prioritizing cybersecurity to combat the growing threat of cyberattacks to our financial system.

Watch Ranking Member McHenry deliver remarks in support of the bill here or by clicking on the image above.

Ranking Member McHenry: “The financial system poses a unique challenge. Because of its interlinked nature, even a targeted attack on an individual institution could have effects that resonate not only to the people affected, but also our global financial system. … Preventing a worst-case scenario won’t be easy, but with increased reporting and information sharing, policy makers can be partners in preventing these scenarios. That’s why I’ve introduced H.R. 4458. We need to understand what kinds of threats regulators are seeing. Congress should understand what these regulators are doing both internally and in collaboration with financial institutions and government partners, whether in the U.S. or abroad, so that weaker links in the financial system won’t bring about widespread problems.”

Background: H.R. 4458, the “Cybersecurity and Financial System Resilience Act of 2019,” requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to provide an annual report and briefings to the House Financial Services Committee and Senate Banking Committee on its cybersecurity efforts. 


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