H.R.4767 - Financial Services Innovation Act of 2019116th Congress (2019-2020)
|Sponsor:||Rep. McHenry, Patrick T. [R-NC-10] (Introduced 10/21/2019)|
|Committees:||House - Financial Services; Agriculture|
|Latest Action:||House - 11/08/2019 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4767 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (10/21/2019)
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.