arrow_back Back to App

Financial Innovation Act: Streamlining New Technologies in Finance

This act aims to facilitate the introduction of new financial technologies and services to the market. It establishes special offices within regulatory agencies to help companies navigate regulations and potentially waive certain requirements temporarily, allowing innovations to reach citizens faster. As a result, citizens may gain access to more modern and potentially more affordable financial products.
Key points
Special offices (FSIOs) will be established within financial agencies to support the development of innovations.
Companies offering new financial services can apply for temporary waivers from certain regulations if their innovation serves the public interest and improves access to services.
The act aims to reduce the time and cost of bringing innovative financial products to market, potentially leading to more choices for consumers.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_9556
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Process start date: 2022-12-14
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Financial Services Innovation Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9556.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-12-14.

What are the main provisions?

Key points include:

  • Special offices (FSIOs) will be established within financial agencies to support the development of innovations.
  • Companies offering new financial services can apply for temporary waivers from certain regulations if their innovation serves the public interest and improves access to services.
  • The act aims to reduce the time and cost of bringing innovative financial products to market, potentially leading to more choices for consumers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McHenry, Patrick T. [R-NC-10].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy