Bill Sponsor
House Bill 1491
116th Congress(2019-2020)
Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019
Introduced
Introduced
Introduced in House on Mar 4, 2019
Overview
Text
Introduced
Mar 4, 2019
Latest Action
Mar 27, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1491
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Georgia
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 or the FINTECH Act of 2019

This bill addresses the regulation of financial technology (fintech) start-ups. The FinTech Council is established within the Department of the Treasury. The council must designate, upon request by a fintech start-up, which federal financial regulators have exclusive oversight authority over that start-up. This designation lasts for two years and in general provides a safe harbor from enforcement actions by other regulators. To be eligible, a fintech start-up must meet certain requirements, including by demonstrating that they offer a financial innovation that serves the public interest.

In each federal financial regulatory agency there is established an Office of Financial Innovation. Duties of the office include coordinating agency efforts to reduce regulatory burdens on eligible start-ups and conducting outreach to a start-up in the event of a regulatory action.

The Advisory Council of FinTech Directors is established to provide advice to each federal financial regulator regarding the supervision of eligible fintech start-ups.

Text (1)
March 4, 2019
Actions (4)
03/27/2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
03/05/2019
Referred to the Subcommittee on Consumer Protection and Commerce.
03/04/2019
Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.
03/04/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 5:03:28 PM