HR 4813
116th Congress
House
Finance and Financial Sector
Banking and financial institutions regulation
Broadcasting, cable, digital technologies
Currency
Keep Big Tech Out Of Finance Act
Introduced: October 23, 2019
Introduced by:
García, Jesús G. "Chuy"
Democratic
· Illinois
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 13, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Oct 23, 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 23, 2019
Introduced in House
Plain-English summary
Keep Big Tech Out Of Finance Act
This bill generally prohibits certain large technology companies (e.g., social media platforms) from offering financial services. Specifically, these companies may not be a financial institution; be affiliated with a financial institution; or establish, maintain, or operate a digital currency.
The bill provides for a one-year wind-down period for a company engaging in these prohibited activities.
What's happening now
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Committees of jurisdiction
3