HFS Members Reintroduce Bipartisan Bill to Deter Ransomware

House Financial Services Committee Chair Patrick McHenry (R-NC) and U.S. Representative Brittany Pettersen (D-CO) reintroduced the "Ransomware and Financial Stability Act of 2024."

The bill would require "covered entities" (any financial market utility that the FSOC designated as systemically important, SEA- registered exchanges and certain technology service providers) to notify the Treasury Department before making any ransomware payments. Under provisions meant to deter ransomware attacks, the bill would prohibit covered entities from making ransomware payments exceeding $100,000 without proper authorization. The legislation provides confidentiality for reports by covered entities and a safe harbor for firms complying with ransomware payment authorizations.