House of Representatives Patrick McHenry wants regulators to open innovation offices.
Patrick McHenry, who will soon become chairman of the House Financial Services Committee, reintroduced the Financial Services Innovation Act for the third time.
Republican Patrick McHenry has implemented the Financial Services Innovation Act for the third time, signaling that he plans to push the bill further when he becomes committee chair.
The bill requires federal fiscal regulators to create innovation offices.
The bill includes allowing companies to apply for alternative compliance schemes and to waive or change regulations to enable the company to provide services that might otherwise violate these rules.
Some regulators already have specialized innovation offices, such as the Securities and Exchange Commission’s FinHub, the LabCFTC at the Commodity Futures Trading Commission, and the Office of Competition and Innovation at the Consumer Financial Protection Bureau.
Federal financial regulators will also have to publish lists of existing regulations they will consider waiving for financial services firms using new technologies.