Financial Services Innovation Act of 2019
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Oct 21, 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.
What just happenedNov 8, 2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseOct 21, 2019
- Nov 8, 2019Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Oct 21, 2019IntroReferralH11100
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.
Agriculture Committee - Oct 21, 2019IntroReferralH11100
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.
Financial Services Committee - Oct 21, 2019IntroReferralIntro-H
Introduced in House
- Oct 21, 2019IntroReferral1000
Introduced in House