3.0.0 6118 2023-01-11T13:33:45Z 2023-01-11T13:33:45Z House HR 2016-09-22 114 [Congressional Record Volume 162, Number 144 (Thursday, September 22, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McHENRY:H.R. 6118.Congress has the power to enact this legislation pursuantto the following:The Congress shall have Power To lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defence . . . of the United States; but allDuties, Imposts and Excises shall be uniform throughout theUnited States.[Page H5865]]]> hsag00 Agriculture Committee House Standing hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee Referred to 2016-10-19T17:49:02Z Referred to 2016-09-22T14:00:43Z hsba00 Financial Services Committee House Standing Referred to 2016-09-22T14:00:38Z 2016-10-19 hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee 1 House committee actions Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Committee 2016-09-22 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. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2016-09-22 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. IntroReferral H11100-A 9 Library of Congress 2016-09-22 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-09-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-09-22 Introduced in House IntroReferral 1000 9 Library of Congress M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 N Finance and Financial Sector Finance and Financial Sector 00 2016-09-22 Introduced in House 2017-06-30T22:02:33Z 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.

]]> Financial Services Innovation Act of 2016 Display Title Financial Services Innovation Act of 2016 Official Title as Introduced To promote innovation in financial services, and for other purposes. Introduced in House IH Short Titles as Introduced Financial Services Innovation Act of 2016 Introduced in House 2016-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6118ih/xml/BILLS-114hr6118ih.xml 2016-10-19 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.