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Financial Innovation: Streamlining New Services and Products

This Act aims to facilitate the introduction of new, technology-driven financial products and services to the market. It establishes special offices within government agencies to help companies navigate regulations and even allows for temporary waivers of certain rules, enabling innovations to reach citizens faster. As a result, citizens may gain access to more modern and potentially better-suited financial services.
Key points
Financial Services Innovation Offices (FSIOs) will be established within key government agencies to support the development of new financial technologies.
Companies can petition for temporary waivers from certain regulations if their innovative products serve the public interest, improve access to financial services, and protect consumers.
The goal is to reduce bureaucracy and accelerate the market entry of innovative solutions, potentially leading to new banking, payment, or investment options for citizens.
The changes are designed to ensure that new financial services do not pose national security risks, systemic financial risks, or facilitate money laundering.
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Additional Information
Print number: 118_HR_7440
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Process start date: 2024-02-23
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Services Innovation Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7440.

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 2024-02-23.

What are the main provisions?

Key points include:

  • Financial Services Innovation Offices (FSIOs) will be established within key government agencies to support the development of new financial technologies.
  • Companies can petition for temporary waivers from certain regulations if their innovative products serve the public interest, improve access to financial services, and protect consumers.
  • The goal is to reduce bureaucracy and accelerate the market entry of innovative solutions, potentially leading to new banking, payment, or investment options for citizens.
  • The changes are designed to ensure that new financial services do not pose national security risks, systemic financial risks, or facilitate money laundering.
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: Placed on the Union Calendar, Calendar No. 654.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy