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HR 4767 116th Congress House Finance and Financial Sector Banking and financial institutions regulation Congressional oversight Executive agency funding and structure Financial services and investments General Services Administration Government employee pay, benefits, personnel management Government information and archives Government studies and investigations Product development and innovation

Financial Services Innovation Act of 2019

Introduced: October 21, 2019 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 8, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Oct 21, 2019
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oct 21, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Financial Services Innovation Act of 2019

This bill addresses the regulation of financial products and services. Specifically, the bill allows persons intending to offer a financial innovation to petition specified financial regulatory agencies regarding existing areas of regulation. A petitioner may request a modification or waiver of an agency regulation. The bill sets forth requirements regarding the petition process, a safe harbor for petitioners from enforcement, and enforceable compliance agreements. Agencies must biannually publish a list of financial regulatory areas the agency would consider modifying or waiving through the petition process.

The bill also establishes Financial Services Innovation Offices at these agencies to assist petitioners. These offices must also generally support the development of financial innovations and coordinate with other offices to share data.

What's happening now November 8, 2019

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Republican 1