3.0.0 4813 2022-11-01T04:17:45Z 2022-11-01T04:17:45Z House HR 2019-10-23 116 [Congressional Record Volume 165, Number 168 (Wednesday, October 23, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARCIA of Illinois:H.R. 4813.Congress has the power to enact this legislation pursuantto the following:Article I Section 8 Clause 3[Page H8458]]]> hsag00 Agriculture Committee House Standing hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee Referred to 2019-11-13T17:52:38Z Referred to 2019-10-23T14:03:30Z hsba00 Financial Services Committee House Standing Referred to 2019-10-23T14:03:25Z 2019-11-13 hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee 1 House committee actions Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Committee 2019-10-23 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 2019-10-23 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 2019-10-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-10-23 Introduced in House IntroReferral 1000 9 Library of Congress G000586 Rep. Garcia, Jesus G. "Chuy" [D-IL-4] Jesus Garcia D IL G. 4 N Finance and Financial Sector Banking and financial institutions regulation Broadcasting, cable, digital technologies Currency Finance and Financial Sector 00 2019-10-23 Introduced in House 2020-05-07T18:50:51Z Keep Big Tech Out Of Finance Act

This bill generally prohibits certain large technology companies (e.g., social media platforms) from offering financial services. Specifically, these companies may not be a financial institution; be affiliated with a financial institution; or establish, maintain, or operate a digital currency.

The bill provides for a one-year wind-down period for a company engaging in these prohibited activities.

]]> Keep Big Tech Out Of Finance Act Display Title Keep Big Tech Out Of Finance Act Official Title as Introduced To prohibit large platform utilities from being a financial institution or being affiliated with a person that is a financial institution, and for other purposes. Introduced in House IH Short Title(s) as Introduced Keep Big Tech Out Of Finance Act Introduced in House IH Introduced in House 2019-10-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr4813ih/xml/BILLS-116hr4813ih.xml 2019-11-13 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.