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.
This bill codifies two innovation initiatives at federal financial regulators into law. It requires the Securities and Exchange Commission to formally establish the Strategic Hub for Innovation and Financial Technology (FinHub), which will serve as a resource for the agency on emerging financial technologies and facilitate communication between the SEC and fintech companies. Similarly, the bill codifies LabCFTC at the Commodity Futures Trading Commission, establishing a dedicated office led by a director that will promote responsible fintech innovation, provide education to regulators and the industry, and serve as an outreach point for emerging technology companies to understand CFTC rules and get feedback on regulatory issues. Both agencies must complete setup within 180 days and submit annual reports to Congress detailing their engagement activities, recommendations, and the number of companies they meet with, while protecting confidential business information. The bill affects fintech companies, financial regulators, and the broader financial services industry by creating permanent structures to bridge communication between innovators and government oversight agencies.
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