,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #adia  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #d1 #bjai,mr4    
,david ,scott ( ,georgia 7= himself &   
,mr4 ,l\d]milk7 introduc$ ! foll[+ bill2
 :i* 0 ref]r$ to ! ,committee on        
,f9ancial ,s]vices1 & 9 addition to !   
,committees on ,agriculture1 & ,en]gy & 
,comm]ce1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to e/abli% a ,fin,tech ,c\ncil
 to designate a s+le prim>y regulator ( 
eligible ,fin,tech />tups1 to create !  
,(fices ( ,f9ancial ,innovation1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,facilitat+ ,innovation 
& ,new ,te*nology s ,entrepr5eurs       
,create & ,hire ,act ( #bjai or !       
,,f9te* ,act ( #bjai4  #b4 ,fin,tech    
,c\ncil  7a7 ,e/abli%m5t ,!re is        
e/abli%$ )9 ! ,dep>tm5t ( ! ,treasury ! 
,fin,tech ,c\ncil1 :i* %all det]m9e :i* 
,f$]al f9ancial regulator or regulators 

%\ld be ! ,designat$ ,f9ancial          
,regulator ( an eligible ,fin,tech      
/>tup4  7b7 ,petition to ag5cy  7#a7 ,9 
g5]al ,an eligible ,fin,tech />tup may  
submit a petition to ! ,fin,tech        
,c\ncil1 9 su* =m & 9 su* mann] z !     
,c\ncil may require1 to reque/ a        
det]m9ation on :i* ,f$]al f9ancial      
regulators h en=cem5t au?ority ) respect
 to ! eligible ,fin,tech />tup4  7#b7   
,cont5ts ,9 a petition submitt$ "u ?is  
subsection1 ! eligible ,fin,tech />tup  
%all demon/rate t ! eligible ,fin,tech  
/>tup is (f]+ or int5d+ to (f] a        
f9ancial innovation t--  7,a7 w s]ve !  
public int]e/2  7,b7 improves access to 
f9ancial products or s]vices2  7,c7 does
 n pres5t sy/emic risk to ! ,unit$      
,/ates f9ancial sy/em2  7,d7 is a new   
te*nology or is an innovative use (     
exi/+ te*nology2  7,e7 does n pose a    
risk to consum] protection2 &  7,f7 w n 
p]mit unfair1 deceptive1 or abusive acts
 & practices4  7#c7 ,multip>ty          
,petitions ,"o or m eligible ,fin,tech  

/>tups t (f] or int5d to (f] simil>     
f9ancial innovations may jo9tly submit a
 petition "u ?is subsection4  7c7       
,det]m9ation ,^u ! reque/ ( an eligible 
,fin,tech />tup1 ! ,fin,tech ,c\ncil    
%all-- 7#a7 det]m9e :i* "o or m ,f$]al  
f9ancial regulators %\ld be ! regulators
 prim>ily responsible = ov]sight ( !    
eligible ,fin,tech />tup2  7#b7         
designate su* ag5cies z ! ,designat$    
,f9ancial ,regulator ( ! eligible       
,fin,tech />tup2 &  7#c7 notify !       
eligible ,fin,tech />tup & ea* ,f$]al   
f9ancial regulator ( su* det]m9ation4   
7d7 ,sole en=cem5t au?ority by          
,designat$ ,f9ancial ,regulator ,except 
= ! ,designat$ ,f9ancial ,regulator1 !  
,f$]al f9ancial regulators may n take   
any en=cem5t action aga9/ an eligible   
,fin,tech />tup4  7e7 ,au?ority ,to     
review designation  7#a7 ,9 g5]al ,)    
respect to an entity t has _h prim>y    
regulators designat$ "u subsection      
7c77#b71 ! ,fin,tech ,c\ncil may review 
! designation on an annual basis1 or    

pursuant to a reque/ made "u p>agraph   
7#b71 to det]m9e :e!r--  7,a7 !re has   
be5 a mat]ial *ange 9 ! bus9ess model ( 
! entity2  7,b7 ! entity is no long] an 
eligible ,fin,tech />tup2  7,c7 !re are 
mat]ial unse5 risks t w]5't pres5t at ! 
"t ( ! application2 or  7,d7 ! entity c 
no long] demon/rate t x meets !         
requirem5ts describ$ "u subsection      
7b77#b74  7#b7 ,recomm5dation ( review  
,if a ,f$]al f9ancial regulator det]m9es
 t x w\ld h1 b = ! prohibition "u       
subsection 7d71 tak5 an en=cem5t action 
aga9/ an entity t has _h prim>y         
regulators designat$ "u subsection      
7c77#b71 ! ,f$]al f9ancial regulator may
 recomm5d t ! ,fin,tech ,c\ncil review  
su* designation "u p>agraph 7#a74  7#c7 
,au?ority to resc9d designation ,if1 9  
review+ a designation "u p>agraph 7#a71 
! ,fin,tech ,c\ncil makes a det]m9ation 
"u subp>agraph 7,a71 7,b71 7,c71 or 7,d7
 ( p>agraph 7#a71 ! ,fin,tech ,c\ncil   
may resc9d ! designation4  7#d7         
,reapplication p]mitt$ ,an eligible     

,fin,tech />tup t loses its designation 
"u ?is section may reapply =            
designation4  7#e7 ,notice ,if !        
,fin,tech ,c\ncil resc9ds a designation 
"u ?is section1 ! ,c\ncil %all-- 7,a7   
imm$iately notify ! entity t 0 ! subject
 ( ! designation & ! ,congress2 &  7,b7 
^u mak+ a f9al det]m9ation1 publicly    
provide a writt5 explanation ( ! basis =
 ! ,c\ncil's decision ) suffici5t detail
 to provide ! public ) an und]/&+ ( !   
specific basis ( ! ,c\ncil's            
det]m9ation1 includ+ any assumptions    
relat$ !re(4  7f7 ,two-,ye> limitation  
,aft] ! end ( ! two-ye> p]iod beg9n+ on 
! date an entity fir/ has a prim>y      
regulatory designat$ "u subsection      
7c77#b7--  7#a7 any su* designation is  
t]m9at$2 &  7#b7 ! entity is n eligible 
= any future designation "u subsection  
7c77#b74  #c4 ,(fice ( ,f9ancial        
,innovation  7a7 ,e/abli%m5t  7#a7 ,9   
g5]al ,ea* ,f$]al f9ancial regulator    
%all e/abli% an ,(fice ( ,f9ancial      
,innovation 7,(fice74  7#b7 ,director ,!

 head ( ea* ,(fice %all be a ,director1 
:o %all be appo9t$ to a #e-ye> t]m by1 &
 report to1 ! head ( ! ,f$]al f9ancial  
regulator4  7#c7 ,/aff+ ,! head ( ea*   
,f$]al f9ancial regulator %all ensure t 
! regulator's ,(fice is adequately /aff$
 at all times4  7b7 ,duties ,! duties ( 
! ,(fice are to-- 7#a7 draft a mission  
/atem5t1 :i* %all include ! phrase      
responsible innovation2  7#b7 coord9ate 
& make publicly available ef=ts made by 
,designat$ ,f9ancial ,regulators relat$ 
to cov]$ actions s z to r$uce !         
regulatory burd5 = eligible ,fin,tech   
/>tups2  7#c7 e/abli% & ma9ta9 an       
easily-accessible website1 :i* %all     
include ! ,(fice's mission /atem5t & a  
portal :]e eligible ,fin,tech />tups c  
submit que/ions or reque/ meet+s ) !    
,(fice2  7#d7 respond to que/ions &     
meet+ reque/s describ$ "u p>agraph 7#c7 
9 a timely mann]2  7#e7 implem5t        
recomm5dations f ! ,advisory ,c\ncil (  
,fin,tech ,directors2  7#f7 conduct     
outrea* to eligible ,fin,tech />tups :5 

a cov]$ action is made public or        
f9aliz$2 &  7#g7 provide support = !    
,director ( ! ,(fice ) respect to !     
,director's duties on ! ,advisory       
,c\ncil ( ,fin,tech ,directors4  7c7    
,inclusion 9 rulemak+ ,ea* ,f$]al       
f9ancial regulator %all1 ?r\gh\t !      
developm5t ( a new rule1 includ+ prior  
to ! publication ( a notice ( propos$   
rulemak+ 9 ! ,f$]al ,regi/]1 "w ) !     
,(fice 9 assess+ ! pot5tial effects ( ! 
rule on eligible ,fin,tech />tups4 ,ea* 
,(fice %all also advise ! applicable    
,f$]al f9ancial regulator on possible   
alt]natives t may less5 ! burd5 on      
eligible ,fin,tech />tups )\t mean+fully
 affect+ ! rule's ability to a*ieve its 
purpose4  #d4 ,regulatory h>monization =
 ,fin,tech  7a7 ,h>monization ,ea*      
,designat$ ,f9ancial ,regulator %all1 9 
tak+ any cov]$ action1 h>monize &       
coord9ate ) ! o!r ,designat$ ,f9ancial  
,regulators 9 ord] to elim9ate          
duplication & conflict+ regulations t w 
impact eligible ,fin,tech />tups4  7b7  

,advisory ,c\ncil ( ,fin,tech ,directors
  7#a7 ,e/abli%m5t  7,a7 ,9 g5]al ,!re  
is e/abli%$ ! ,advisory ,c\ncil (       
,fin,tech ,directors1 :i* %all consi/   
(-- 7i7 ! ,director ( ea* ,(fice (      
,f9ancial ,innovation2 &  7ii7 an       
indep5d5t memb] appo9t$ by ! ,secret>y (
 ! ,treasury1 hav+ ,/ate-bank+          
regulatory exp]tise4  7,b7 ,comp5sation 
,all memb]s ( ! ,advisory ,c\ncil :o are
 (fic]s or employees ( ! ,unit$ ,/ates  
%all s]ve )\t comp5sation 9 addition to 
t receiv$ = _! s]vices z (fic]s or      
employees ( ! ,unit$ ,/ates4  7#b7      
,purpose ,! purpose ( ! ,advisory       
,c\ncil is to provide ea* ,f$]al        
f9ancial regulator ) advice on its      
rules1 regulations1 & policies ) reg>d  
to h[ f9ancial innovation is re%ap+ !   
regulatory l&scape ( ! f9ancial s]vices 
m>ketplace & :e!r !re is any duplication
 9 sup]vision or mat]ial failure 9      
sup]vision ( eligible ,fin,tech />tups t
 is limit+ responsible innovation =     
eligible ,fin,tech />tups4  7#c7 ,duties

 ,! ,advisory ,c\ncil %all function     
solely z an advisory body4 ,its duties  
%all ext5d only to provid+ advice1      
includ+ advice 9 ! =m ( recomm5dations1 
to ea* ,f$]al f9ancial regulator4 ,ea*  
,f$]al f9ancial regulator %all reta9    
full au?ority to det]m9e actions to be  
tak5 & policies to be express$ ) respect
 to matt]s )9 its jurisdiction ^u :i* ! 
,c\ncil may provide advice4  7#d7       
,reports  7,a7 ,annual report ,!        
,advisory ,c\ncil %all annually report  
to ,congress on ! activities ( ! ,c\ncil
 & any significant f9ancial m>ket &     
regulatory developm5ts t might impact   
eligible ,fin,tech />tups4  7,b7 ,advice
 ,! ,advisory ,c\ncil %all provide its  
advice to ! ,f$]al f9ancial regulators  
?r\gh ! ,secret>y ( ! ,treasury4 ,!     
,advisory ,c\ncil ne$ n rea* cons5sus on
 e issue1 & may *oose to provide !      
,f$]al f9ancial regulators ) diff]+     
views or a range ( view4  7#e7 ,meet+s  
,! ,advisory ,c\ncil ( ,fin,tech        
,directors %all meet at ! call ( !      

,secret>y ( ! ,treasury or a majority ( 
! memb]s !n s]v+1 b n less frequ5tly ?an
 annually4  7#f7 ,recordkeep+ ,! (ficial
 records g5]at$ by or = ! ,advisory     
,c\ncil %all be h&l$ 9 accordance )     
,g5]al ,records ,s*$ule #f4b1 or ano!r  
approv$ ag5cy records disposition       
s*$ule4 ,^! records %all be available = 
public inspection & copy+1 subject to   
section #eeb ( title #e1 ,unit$ ,/ates  
,code 7commonly kn[n z ! ,fre$om (      
,in=mation ,act74  #e4 ,def9itions ,=   
purposes ( ?is ,act3 7#a7 ,cov]$ action 
,! t]m cov]$ action means any           
regulations1 guidance1 int]pretive      
rules1 int]im f9al rules1 bullet9s1     
/atem5t ( policy1 lett]s1 exam9ation    
manuals1 frequ5tly ask$ que/ions1       
notices1 directives1 or any o!r         
au?oritative action t w\ld impact an    
eligible ,fin,tech />tup4  7#b7         
,designat$ ,f9ancial ,regulator ,! t]m  
,designat$ ,f9ancial ,regulator means-- 
7,a7 any ,f$]al f9ancial regulator or   
regulators t h be5 designat$ "u section 

#b7;c77#b7 ) respect to any eligible    
,fin,tech />tup2 &  7,b7 ) respect to an
 eligible ,fin,tech />tup1 ! specific   
,f$]al f9ancial regulator or regulators 
designat$ "u section #b7;c77#b7 = su*   
eligible ,fin,tech />tup4  7#c7         
,eligible ,fin,tech />tup ,! t]m        
eligible ,fin,tech />tup means an entity
 t-- 7,a7 provides an application or    
product & has no m ?an #aj1jjj total    
us]s ( su* application or product2  7,b7
 has no m ?an #ae employees2  7,c7 has  
receiv$ less ?an #e r\nds ( v5ture      
capital2 &  7,d7 has n yet p>tn]$ ) an  
insur$ depository in/itution 7z def9$ "u
 section #c ( ! ,f$]al ,deposit         
,insurance ,act74  7#d7 ,f$]al f9ancial 
regulator ,! t]m ,f$]al f9ancial        
regulator means ea* ( ! ,bo>d (         
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,bureau ( ,consum] ,f9ancial            
,protection1 ! ,commodity ,futures      
,trad+ ,commission1 ! ,dep>tm5t ( ,h\s+ 
& ,urban ,developm5t1 ! ,dep>tm5t ( !   
,treasury1 ! ,f>m ,cr$it ,adm9i/ration1 

! ,f$]al ,communications ,commission1 ! 
,f$]al ,deposit ,insurance ,corporation1
 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,f$]al
 ,trade ,commission1 ! ,national ,cr$it 
,union ,adm9i/ration ,bo>d1 ! ,(fice ( !
 ,comptroll] ( ! ,curr5cy1 & !          
,securities & ,ex*ange ,commission4