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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Financial Services Innovation Act of 2016

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To promote innovation in financial services, and for other purposes.


Actions Overview (1)

Date
09/22/2016Introduced in House

All Actions (5)

Date
10/19/2016Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Action By: Committee on Agriculture
09/22/2016Referred 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.
Action By: House of Representatives
09/22/2016Referred 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.
Action By: House of Representatives
09/22/2016Referred 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.
Action By: House of Representatives
09/22/2016Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services09/22/2016 Referred to
House Agriculture09/22/2016 Referred to
House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit10/19/2016 Referred to

No related bill information was received for H.R.6118.


Subjects (1)


Latest Summary (1)

There is one summary for H.R.6118. View summaries

Shown Here:
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.