McHenry Reintroduces Legislation to Spur Financial Innovation

Press Release

The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), reintroduced H.R. 9556, the Financial Services Innovation Act, to modernize and streamline how innovators interact with regulators to build a more inclusive financial system.

"It's critical for our regulatory process to work with financial innovation, instead of against it," said Chairman-elect McHenry. "I'm reintroducing the Financial Services Innovation Act to modernize and streamline how innovators interact with regulators to build a more inclusive financial system. My legislation will help financial institutions and entrepreneurs get innovative products and services to market sooner, while maintaining critical consumer protection safeguards. This follows the successful model of North Carolina's regulatory sandbox program to strike the appropriate balance to foster responsible innovation. Committee Republicans will continue to work toward an up-to-date regulatory framework that gives fintech firms clear rules of the road for success."

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