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Financial Services Innovation Act of 2019

USA116th CongressHR-4767| House 
| Updated: 11/8/2019
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (1)
J. French Hill (Republican)

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
Oct 21, 2019
Introduced in House
Oct 21, 2019
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.
Nov 8, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
  • October 21, 2019
    Introduced in House


  • October 21, 2019
    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.


  • November 8, 2019
    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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Oct 21, 2019
Introduced in House
Oct 21, 2019
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.
Nov 8, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
  • October 21, 2019
    Introduced in House


  • October 21, 2019
    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.


  • November 8, 2019
    Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (1)
J. French Hill (Republican)

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