Innovation Testing Program: Temporary Regulatory Waivers for Businesses
This act establishes a program allowing businesses to temporarily test new products or services without fully complying with existing regulations. The goal is to foster innovation, create jobs, and expand economic opportunities. However, businesses must ensure consumer protection and report any harm.
Key points
Businesses can apply for temporary waivers from certain regulations to test innovative solutions.
The program aims to boost economic growth, job creation, and innovation, while maintaining consumer protection.
A new office will be created to manage the program, along with advisory boards including business representatives.
Businesses must disclose to consumers that their products are being tested and may involve risks.
If consumers are harmed, businesses are responsible for remediation, and the waiver does not grant immunity from criminal liability.
Expired
Additional Information
Print number: 117_S_4211
Sponsor: Sen. Lee, Mike [R-UT]
Process start date: 2022-05-12