PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 654.
Congressional Research Service
Version 00 · Introduced in House · Feb 23, 2024
Financial Services Innovation Act of 2024
This bill addresses the regulation of financial products and services. Specifically, the bill allows persons intending to offer a financial innovation to petition specified financial regulatory agencies regarding existing areas of regulation. A petitioner may request a modification or waiver of an agency regulation. The bill sets forth requirements regarding the petition process, a safe harbor for petitioners from enforcement, and enforceable compliance agreements. Agencies must biannually publish a list of financial regulatory areas the agency would consider modifying or waiving through the petition process.
The bill also establishes Financial Services Innovation Offices at these agencies to assist petitioners. These offices must also generally support the development of financial innovations and coordinate with other offices to share data.
People & committees
Rep. McHenry, Patrick T. [R-NC-10] · R–NC
Legislative record
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Placed on the Union Calendar, Calendar No. 654.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: May 27, 2025. Consult Congress.gov for the current record.
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