Rep. Adam Kinzinger, R-Ill.
Last month, the U.S. House of Representatives overwhelmingly passed a resolution (H. Res. 835) by a vote of 385 in favor and 4 opposed.
The resolution, sponsored by Congressmen Tony Cardenas, D-Calif. and Rep. Adam Kinzinger, R-Ill., suggested “the United States government should adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”
The Electronic Transactions Association was in full support of the resolution and released a statement following its passage.
“ETA understands that all citizens benefit when our financial system addresses our diverse needs. We look forward to working with Congressional leaders like Representatives Kinzinger and Cardenas to continue advancing policies that support innovation and growth in the FinTech industry, increasing access to our nation’s financial systems, promoting financial literacy and forging new markets.”
On Sept. 22, Chief Deputy Whip Patrick McHenry (Dist. 10, North Carolina) who serves as the Vice Chairman of the House Financial Services Committee, formally introduced H.R. 6118, during a speech at the Electronic Transactions Associations’ FinTech Policy Forum.
The so-called Financial Services Innovation Act of 2016 seeks to mandate that 12 different regulators must establish “Financial Services Innovation Offices” (or FSIOs) within their agencies.
According to the ETA, “Firms may apply for an ‘enforceable compliance’ agreement with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan, which modifies regulation that is antiquated or unduly burdensome.”
The plan would help bring the United States up to speed with other countries that currently employ a similar strategy.
“For generations, America has been the world’s leader in innovation, spanning a variety of fields from transportation to medicine to software,” McHenry said. “One area we’re falling behind, is the financial services industry. The Financial Services Innovation Act represents a mindset shift in the way we address financial regulation.”