PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Congressional Research Service
Version 00 · Introduced in House · Sep 22, 2016
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
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. McHenry, Patrick T. [R-NC-10] · R–NC
Legislative record
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Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
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.
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.
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.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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