The U.S. House of Representatives voted 245-169 in favor of passing H.R. 4296.  The bill prohibits federal financial regulators from establishing operational risk capital requirements for financial institutions unless the requirements are based upon, and appropriately sensitive to, the risks posed by the institution’s current business and operations.  The requirements also must be forward-looking, rather than focused on historical losses of the financial institution, and provide for adjustment to capital requirements based upon the operational risk mitigating activities of the financial institution.  The bill was originally part of the larger Financial CHOICE Act, which passed the House in June 2017.  The bill was read in the U.S. Senate and referred to the U.S. Senate Committee on Banking, Finance, & Urban Affairs.

View full text of the bill.