US Congress House Bill 4767 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on October 21 2019 - 25% progression, died in committee
Action: 2019-11-08 - Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Pending: House Commodity Exchanges, Energy, and Credit Committee
Text: Latest bill text (Introduced) [PDF]

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.

Financial Services Innovation Act of 2019

Rep. Patrick McHenry [R-NC]

Rep. French Hill [R-AR]

Date	Chamber	Action
2019-11-08	House	Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
2019-10-21	House	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.
2019-10-21	House	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.
2019-10-21	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/4767/all-info
Text	https://www.congress.gov/116/bills/hr4767/BILLS-116hr4767ih.pdf