H.R. 7440 · 118th Congress
Financial Services Innovation Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McHenrySponsor2 cosponsors · 2 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Feb 23, 2024
Financial Services Innovation Act of 2024
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.
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 2024
Latest action (Dec 4, 2024): Placed on the Union Calendar, Calendar No. 654.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 23, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.