To promote innovation in financial services, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To promote innovation in financial services, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Government Operations, Labor.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H3E5DAFB550E141F696A794D0DA54ADA2: 1. Short title; table of contents This Act may be cited as the Financial Services Innovation Act of 2024. The table of contents for this Act is as follows:
- Section HE1156D9133B34E2AAA855E990613D5C5: 2. Definitions In this Act, the following definitions shall apply: The term agency means each of the Board of Governors of the Federal Reserve System, the...
- Section H4B757D46FC754D5A8202879D7E5FEBB3: 3. Agency identification of regulatory areas Not later than 60 days after the date of the enactment of this Act, and biannually thereafter, each agency shall...
- Section HD5964E59A732462C97276DEC3E87220B: 4. Establishment or designation of FSIO at agencies Each agency shall establish or designate an office within the agency to be known as the Financial Services...
- Section H71F3698A80C142CA9FACBE0AF016050D: 5. FSIO Liaison Committee and chair Not later than 60 days after the date of the enactment of this Act, the agencies shall establish a committee to be known as...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To promote innovation in financial services, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Government Operations, Labor
Primary Purpose
This bill, To promote innovation in financial services, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
ReportedAdditional sponsors: Mr. Donalds and Mr. Emmer
Reported with an amendment, committed to the Committee of the …
Mr. McHenry introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → The commission identified in the operative section
Key Definitions
Terms defined in this bill
an agreement described under section 8. The term financial innovation means a financial product or service (as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481))— the delivery of which is enabled by technology
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology