Patrick McHenry, who is about to sit on the chair of the US House of Representatives Financial Services Committee, wants regulators to set up innovation offices.
The House of Representatives Financial Services Committee will replace chairperson in the near future, and that person is certain. Patrick McHenry will be. McHenry aims to create innovation offices within government agencies before he becomes president. Financial Services Innovation ActHe brought it up once again. McHenry’s re-presentation of the bill indicates that he plans to push the bill further when he takes office.
The bill in question states that federal financial regulators “Financial Services Innovation Offices” will make it mandatory. The mission of these offices is “produce procedures to reduce the time and cost of bringing a financial innovation to the public and to provide greater access to financial innovations” will be.
McHenry made the following statements in his statement on the subject:
It is critical that our regulatory process works with financial innovation, not against it. This legislation I am presenting will help financial institutions and entrepreneurs bring innovative products and services to market sooner, while also considering critical consumer protection measures.
U.S. Securities and Exchange Commissionof (SEC) FinHub, Commodity Futures and Trading Commissionin (CFTC) LabCFTC and Consumer Financial Protection Bureauin the Competition and Innovation Office Some regulators, in particular, already have dedicated innovation offices. But in addition, the offices that will be established with the new law aim to allow companies to apply for alternative compliance plans and to waive or change regulations where necessary.
Federal financial regulators will also have to publish a list of existing regulations they are considering waiving for financial services firms using new technology.