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HR 296 117th Congress House Finance and Financial Sector Advanced technology and technological innovations Computer security and identity theft Computers and information technology Congressional oversight Crime prevention Criminal investigation, prosecution, interrogation Currency Fraud offenses and financial crimes Government trust funds Research administration and funding Research and development Terrorism

Financial Technology Protection Act

Introduced: January 13, 2021 Introduced by: Budd, Ted Republican · North Carolina See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 13, 2021
Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, 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.
Jan 13, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Financial Technology Protection Act

This bill provides for the investigation of new financial technologies (e.g., digital currencies) and their use in terrorism and other illicit activities.

Specifically, the bill establishes the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, which must research terrorist and illicit use of new financial technologies and issue an annual report.

The Department of the Treasury must establish a fund to provide a reward for a person who provides information leading to the conviction of an individual involved with terrorist use of digital currencies.

Additionally, the bill establishes the FinTech Leadership in Innovation and Financial Intelligence Program to support the development of tools and programs to detect terrorist and illicit use of digital currencies.

What's happening now January 13, 2021

Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, 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.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 2 Republican 2