H.R. 7965, known as the “Ransomware and Financial Stability Act of 2024,” amends the Consolidated Appropriations Act, 2021, to incorporate measures aimed at deterring ransomware attacks against U.S. financial institutions. The bill mandates that any affected financial institution cannot pay...
Simple Explanation
In the "Ransomware and Financial Stability Act of 2024," the law says that if a big bank or money place gets in trouble from bad guys on the internet asking for money (like a digital bully), they can't give more than $100,000 without asking a special boss first and telling the authorities. This rule is like a safety shield to make sure they follow good rules and don't get in trouble as long as they follow the guidelines.