Securing Innovation in Financial Regulation Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Securing Innovation in Financial Regulation Act establishes two new offices within the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to focus on emerging financial technologies. Specifically, it creates the Strategic Hub for Innovation and Financial Technology (FinHub) at the SEC and the LabCFTC at the CFTC. These offices will engage with market participants, provide information to the commissions, and advise on regulatory matters related to fintech, ultimately aiming to foster responsible innovation and competition in the financial sector.
Key provisions
- Creates the Strategic Hub for Innovation and Financial Technology (FinHub) within the SEC.
- Establishes the LabCFTC within the CFTC.
- Requires FinHub to provide an annual report to the SEC on its engagement activities.
- Requires LabCFTC to submit an annual report to Congress detailing its activities and discussions.
- Directs both offices to engage with market participants and provide information to the respective commissions.
- Mandates the commissions to maintain records of engagements with the public through these offices.
- Sets a timeline for the commissions to implement the new offices and related regulations.
- Defines the responsibilities of the LabCFTC Director.
Who is affected
- Securities and Exchange Commission (SEC)
- Commodity Futures Trading Commission (CFTC)
- Financial Technology (Fintech) companies
Bill text
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Sponsors
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1 on record
Primary sponsor
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