118th Congress Finance and Financial Sector
H.R. 7440: Financial Services Innovation Act of 2024
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Byron Donalds R-FL
- Tom Emmer R-MN
Who scored on this bill
- 1Patrick McHenry SponsorIntroduced, marked up, reported3 events+32
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Patrick McHenry
- H.R. 1165: Data Privacy Act of 2023
- H.R. 807: Working Dog Commemorative Coin Act
- H.R. 4766: Clarity for Payment Stablecoins Act of 2023
- H.R. 2799: Expanding Access to Capital Act of 2023
- H.R. 2608: To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.
- H.R. 2610: To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.
History
- Introduced in the House by Patrick McHenry.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
- Placed on the Union Calendar, Calendar No. 654.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
- Introduced in House
- Referred to the House Committee on Financial Services.