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Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019

USA116th CongressHR-1491| House 
| Updated: 3/27/2019
David Scott

David Scott

Democratic Representative

Georgia

Cosponsors (1)
Barry Loudermilk (Republican)

Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee, Financial Services Committee, Commerce, Manufacturing, and Trade Subcommittee, Energy and Commerce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 or the FINTECH Act of 2019 This bill addresses the regulation of financial technology (fintech) start-ups. The FinTech Council is established within the Department of the Treasury. The council must designate, upon request by a fintech start-up, which federal financial regulators have exclusive oversight authority over that start-up. This designation lasts for two years and in general provides a safe harbor from enforcement actions by other regulators. To be eligible, a fintech start-up must meet certain requirements, including by demonstrating that they offer a financial innovation that serves the public interest. In each federal financial regulatory agency there is established an Office of Financial Innovation. Duties of the office include coordinating agency efforts to reduce regulatory burdens on eligible start-ups and conducting outreach to a start-up in the event of a regulatory action. The Advisory Council of FinTech Directors is established to provide advice to each federal financial regulator regarding the supervision of eligible fintech start-ups.
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Timeline
Mar 4, 2019
Introduced in House
Mar 4, 2019
Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.
Mar 5, 2019
Referred to the Subcommittee on Consumer Protection and Commerce.
Mar 27, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
  • March 4, 2019
    Introduced in House


  • March 4, 2019
    Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.


  • March 5, 2019
    Referred to the Subcommittee on Consumer Protection and Commerce.


  • March 27, 2019
    Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Finance and Financial Sector

Advanced technology and technological innovationsAdvisory bodiesBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryGovernment information and archivesIntergovernmental relationsProduct development and innovationSmall business

Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019

USA116th CongressHR-1491| House 
| Updated: 3/27/2019
Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 or the FINTECH Act of 2019 This bill addresses the regulation of financial technology (fintech) start-ups. The FinTech Council is established within the Department of the Treasury. The council must designate, upon request by a fintech start-up, which federal financial regulators have exclusive oversight authority over that start-up. This designation lasts for two years and in general provides a safe harbor from enforcement actions by other regulators. To be eligible, a fintech start-up must meet certain requirements, including by demonstrating that they offer a financial innovation that serves the public interest. In each federal financial regulatory agency there is established an Office of Financial Innovation. Duties of the office include coordinating agency efforts to reduce regulatory burdens on eligible start-ups and conducting outreach to a start-up in the event of a regulatory action. The Advisory Council of FinTech Directors is established to provide advice to each federal financial regulator regarding the supervision of eligible fintech start-ups.
View Full Text

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Timeline
Mar 4, 2019
Introduced in House
Mar 4, 2019
Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.
Mar 5, 2019
Referred to the Subcommittee on Consumer Protection and Commerce.
Mar 27, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
  • March 4, 2019
    Introduced in House


  • March 4, 2019
    Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.


  • March 5, 2019
    Referred to the Subcommittee on Consumer Protection and Commerce.


  • March 27, 2019
    Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
David Scott

David Scott

Democratic Representative

Georgia

Cosponsors (1)
Barry Loudermilk (Republican)

Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee, Financial Services Committee, Commerce, Manufacturing, and Trade Subcommittee, Energy and Commerce Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Advanced technology and technological innovationsAdvisory bodiesBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryGovernment information and archivesIntergovernmental relationsProduct development and innovationSmall business