Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019
- Last Action
- 3/27/2019
Actions
- 2019-03-27Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- 2019-03-05Referred to the Subcommittee on Consumer Protection and Commerce.
- 2019-03-04Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.
- 2019-03-04Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.
- 2019-03-04Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Energy and Commerce, 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.
- 2019-03-04Introduced in House
- 2019-03-04Introduced in House
CRS Summary
As of 2019-03-04 (00)
Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 or the FINTECH Act of 2019
This bill addresses the regulation of financial technology (fintech) start-ups. The FinTech Council is established within the Department of the Treasury. The council must designate, upon request by a fintech start-up, which federal financial regulators have exclusive oversight authority over that start-up. This designation lasts for two years and in general provides a safe harbor from enforcement actions by other regulators. To be eligible, a fintech start-up must meet certain requirements, including by demonstrating that they offer a financial innovation that serves the public interest.
In each federal financial regulatory agency there is established an Office of Financial Innovation. Duties of the office include coordinating agency efforts to reduce regulatory burdens on eligible start-ups and conducting outreach to a start-up in the event of a regulatory action.
The Advisory Council of FinTech Directors is established to provide advice to each federal financial regulator regarding the supervision of eligible fintech start-ups.
Cosponsors (1)
- Barry Loudermilk (R-GA)
Subjects
- Advanced technology and technological innovations
- Advisory bodies
- Banking and financial institutions regulation
- Congressional oversight
- Department of the Treasury
- Government information and archives
- Intergovernmental relations
- Product development and innovation
- Small business
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.