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HR 7440 118th Congress House Finance and Financial Sector Advisory bodies 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 Intergovernmental relations Product development and innovation

Financial Services Innovation Act of 2024

Introduced: February 23, 2024 See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 4, 2024
Placed on the Union Calendar, Calendar No. 654.
Dec 4, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
Apr 17, 2024
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
Apr 17, 2024
Committee Consideration and Mark-up Session Held
Feb 23, 2024
Referred to the House Committee on Financial Services.
Feb 23, 2024
Introduced in House
 Plain-English summary Congressional Research Service

Financial Services Innovation Act of 2024

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 December 4, 2024

Placed on the Union Calendar, Calendar No. 654.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2