Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019
Latest action · Mar 27, 2019 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 4, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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
Members who signed on, in the order they did. All signed on Mar 4, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Barry Loudermilk | Original | Mar 4, 2019 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 4, 2019 |
| House | Agriculture Committee | Referred Mar 4, 2019 |
| Commodity Markets, Digital Assets, and Rural Development Subcommittee | Referred Mar 27, 2019 | |
| House | Energy and Commerce Committee | Referred Mar 4, 2019 |
| Commerce, Manufacturing, and Trade Subcommittee | Referred Mar 5, 2019 |
Actions 4
Everything that happened, newest first.
- Mar 27, 2019Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- Mar 5, 2019Referred to the Subcommittee on Consumer Protection and Commerce.
- Mar 4, 2019Introduced in House
- Mar 4, 2019Referred 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 38, March 4, 2019, page H2322.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF11195 | Financial Innovation: Reducing Fintech Regulatory Uncertainty Archived | Resource | Apr 25, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- 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.
- Short Title(s) as Introduced
- Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Advanced technology and technological innovations
- Advisory bodies
- Banking and financial institutions regulation
- Congressional oversight
- Department of the Treasury
- Finance and Financial Sector
- Government information and archives
- Intergovernmental relations
- Product development and innovation
- Small business
Text 1
Each version as it was printed, newest first.
- Mar 4, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
