Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee, Financial Services Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Financial Services Innovation Act of 2019 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.
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Timeline
Introduced in House
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.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Introduced in House
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.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Finance and Financial Sector
Banking and financial institutions regulationCongressional oversightExecutive agency funding and structureFinancial services and investmentsGeneral Services AdministrationGovernment employee pay, benefits, personnel managementGovernment information and archivesGovernment studies and investigationsProduct development and innovation
Financial Services Innovation Act of 2019
USA116th CongressHR-4767| House
| Updated: 11/8/2019
Financial Services Innovation Act of 2019 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.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
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.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Introduced in House
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.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee, Financial Services Committee
Finance and Financial Sector
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Banking and financial institutions regulationCongressional oversightExecutive agency funding and structureFinancial services and investmentsGeneral Services AdministrationGovernment employee pay, benefits, personnel managementGovernment information and archivesGovernment studies and investigationsProduct development and innovation