The Chief Risk Officer Enforcement and Accountability Act aims to amend the Financial Stability Act of 2010. It requires certain large banking institutions to appoint a Chief Risk Officer (CRO) who will manage company-wide risk limits and ensure compliance with...
Simple Explanation
The bill wants big banks to have a special boss called a "Chief Risk Officer" who makes sure the bank doesn't get into trouble, and if this boss leaves, the bank has to find a new one quickly or else it can't grow bigger.