Treasury Innovation Act This bill directs the Department of the Treasury to establish a bug bounty pilot program to minimize vulnerabilities to Treasury information systems. "Bug bounty pilot program" is a program under which an approved computer security specialist or security researcher is temporarily authorized to identify and report vulnerabilities within Treasury information systems in exchange for cash payment. Under such program, Treasury shall: provide monetary compensation for reports of previously unidentified security vulnerabilities within the websites, applications, and other Treasury information systems that are accessible to the public; develop an expeditious process by which computer security researchers can register for the program, submit to a background check, and receive a determination as to approval for program participation; designate mission-critical operations within Treasury that should be excluded; consult with the Department of Justice on how to ensure that program participants are protected from prosecution for activities authorized under the program; award competitive contracts to manage the program and for executing the remediation of identified vulnerabilities; and engage interested persons, including commercial sector representatives, about the structure of the program.