3.0.0 1491 2022-11-01T17:03:28Z 2022-11-01T17:03:28Z House HR 2019-03-04 116 [Congressional Record Volume 165, Number 38 (Monday, March 4, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DAVID SCOTT of Georgia:H.R. 1491.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H2322]]]> hsag00 Agriculture Committee House Standing hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee Referred to 2019-03-27T18:45:27Z Referred to 2019-03-04T16:31:25Z hsif00 Energy and Commerce Committee House Standing hsif17 Innovation, Data, and Commerce Subcommittee Referred to 2019-03-05T21:59:21Z Referred to 2019-03-04T16:31:30Z hsba00 Financial Services Committee House Standing Referred to 2019-03-04T16:31:20Z 2019-03-27 hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee 1 House committee actions Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Committee 2019-03-05 hsif17 Innovation, Data, and Commerce Subcommittee 1 House committee actions Referred to the Subcommittee on Consumer Protection and Commerce. Committee 2019-03-04 Referred 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. IntroReferral H11100 2 House floor actions hsif00 Energy and Commerce Committee 2019-03-04 Referred 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. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2019-03-04 Referred 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2019-03-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-03-04 Introduced in House IntroReferral 1000 9 Library of Congress S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 N L000583 Rep. Loudermilk, Barry [R-GA-11] Barry Loudermilk R GA 11 2019-03-04 True Finance and Financial Sector 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 Finance and Financial Sector 00 2019-03-04 Introduced in House 2020-05-07T17:33:02Z 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.

]]> Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 Display Title Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 Official Title as Introduced To establish a FinTech Council to designate a single primary regulator of eligible FinTech startups, to create the Offices of Financial Innovation, and for other purposes. Introduced in House IH Short Title(s) as Introduced Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 Introduced in House IH Introduced in House 2019-03-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr1491ih/xml/BILLS-116hr1491ih.xml 2019-03-27 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.