H.R.6118 - Financial Services Innovation Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. McHenry, Patrick T. [R-NC-10] (Introduced 09/22/2016)|
|Committees:||House - Financial Services; Agriculture|
|Latest Action:||10/19/2016 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. (All Actions)|
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Summary: H.R.6118 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (09/22/2016)
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.