H.R. 6118 · 114th Congress
Financial Services Innovation Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McHenrySponsorNo cosponsors.
This bill requires specified federal departments and agencies (agencies) to periodically publish in the Federal Register a nonexclusive list identifying three or more areas of existing regulation:
What it does: CRS summary · Introduced in House · Sep 22, 2016
Financial Services Innovation Act of 2016
This bill requires specified federal departments and agencies (agencies) to periodically publish in the Federal Register a nonexclusive list identifying three or more areas of existing regulation:
- that apply or may apply to a financial innovation offered or intended to be offered by a covered person, and
- that the agency would consider modifying or waiving if it were to receive a petition from the covered person in accordance with this bill relating to that regulation.
The bill defines "a covered person" as a person that offers or intends to offer a financial innovation by submitting a petition to a Financial Services Innovation Office (FSIO) at one or more agencies.
Each agency shall establish its own FSIO to:
- promote financial innovations, and
- assist covered persons whose petitions have been approved pursuant to this bill.
Each agency, through its FSIO, shall:
- support the development of financial innovations;
- coordinate with FSIOs at other agencies to share information and data; and
- establish procedures to reduce the time and cost of offering a financial innovation to the public and enable greater access to financial innovations.
The agencies shall create a FSIO Liaison Committee which shall consult on the administration, coordination, and oversight of each agency's FSIO.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Services Innovation Act of 2016
Latest action (Oct 19, 2016): Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 22, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.