HR 7437
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
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Bill overview
This bill, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, requires key financial regulatory agencies to assess their current technology systems and procurement practices. The goal is to ensure these agencies can effectively conduct real-time supervisory assessments and maintain a safe and sound financial system in the face of rapid technological advancements. Every five years, these agencies must submit a report detailing their technology use, procurement processes, workforce, and data sharing procedures to Congress.
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