Bill Sponsor
House Bill 4767
116th Congress(2019-2020)
Financial Services Innovation Act of 2019
Introduced
Introduced
Introduced in House on Oct 21, 2019
Overview
Text
Introduced
Oct 21, 2019
Latest Action
Nov 8, 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
4767
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
Republican
North Carolina
Republican
Arkansas
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
October 21, 2019
Actions (3)
11/08/2019
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
10/21/2019
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.
10/21/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 4:17:49 AM