,i #aah? ,,congress #b;d ,session ,h4 ,r4 #ifcc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #ag1 #bjbd,mr4 ,lucas introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,agriculture1 = 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 codify ! ,/rategic ,hub = ,innovation & ,f9ancial ,te*nology ( ! ,securities & ,ex*ange ,commission & ,lab,c,f,t,c ( ! ,commodity ,futures ,trad+ ,commission1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,secur+ ,innovation 9 ,f9ancial ,regulation ,act4 #b4 ,codification ( ! ,,sec ,/rategic ,hub = ,innovation & ,f9ancial ,te*nology ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,/rategic ,hub = ,innovation & ,f9ancial ,te*nology 7#a7 ,(fice e/abli%$ ,!re is e/abli%$ )9 ! ,commission ! ,/rategic ,hub = ,innovation & ,f9ancial ,te*nology 7ref]r$ to 9 ?is section z ! ,fin,hub74 7#b7 ,purposes ,! purposes ( ,fin,hub are z foll[s3 7,a7 ,to assi/ 9 %ap+ ! approa* ( ! ,commission to te*nological advancem5ts4 7,b7 ,to exam9e f9ancial te*nology innovations among m>ket p>ticipants4 7,c7 ,to coord9ate ! response ( ! ,commission to em]g+ te*nologies 9 f9ancial1 regulatory1 & sup]visory sy/ems4 7#c7 ,director ( ,fin,hub ,fin,hub %all h a ,director :o %all be appo9t$ by ! ,commission1 f among individuals hav+ exp]i5ce 9 bo? em]g+ te*nologies & ,f$]al securities laws & s]ve at ! pleasure ( ! ,commission4 ,! ,director %all report directly to ! ,commission & p]=m su* functions & duties z ! ,commission may prescribe4 7#d7 ,responsibilities ,fin,hub %all-- 7,a7 fo/] responsible te*nological innovation & fair competition )9 ! ,commission1 includ+ ar\nd f9ancial te*nology1 regulatory te*nology1 & sup]visory te*nology2 7,b7 provide int]nal education & tra9+ to ! ,commission reg>d+ f9ancial te*nology2 7,c7 advise ! ,commission reg>d+ f9ancial te*nology t w\ld s]ve ! ,commission's functions2 7,d7 analyze te*nological advancem5ts & ! impact ( regulatory requirem5ts on f9ancial te*nology companies2 7,e7 advise ! ,commission ) respect to rulemak+s or o!r ag5cy or /aff action reg>d+ f9ancial te*nology2 7,f7 provide bus9esses work+ 9 em]g+ f9ancial te*nology fields ) in=mation on ! ,commission1 its rules & regulations2 & 7,g7 enc\rage firms work+ 9 em]g+ te*nology fields to engage ) ! ,commission & obta9 fe$back f ! ,commission on pot5tial regulatory issues4 7#e7 ,access to docum5ts ,! ,commission %all ensure t ,fin,hub has full access to ! docum5ts & in=mation ( ! ,commission & any self-regulatory organization1 z necess>y to c>ry out ! functions ( ,fin,hub4 7#f7 ,report to ,congress 7,a7 ,9 g5]al ,n lat] ?an ,octob] #ca ( ea* ye> aft] #bjbd1 ,fin,hub %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! activities ( ,fin,hub dur+ ! imm$iately prec$+ fiscal ye>4 7,b7 ,cont5ts ,ea* report requir$ "u subp>agraph 7,a7 %all include-- 7i7 ! total numb] ( p]sons t met ) ,fin,hub2 7ii7 ! total numb] ( m>ket p>ticipants ,fin,hub met )1 includ+ ! classification ( ^? p>ticipants2 7iii7 a summ>y ( g5]al issues discuss$ dur+ meet+s ) p]sons2 7iv7 in=mation on /eps ,fin,hub has tak5 to improve ,commission s]vices1 includ+ responsiv5ess to ! conc]ns ( p]sons2 7v7 recomm5dations-- 7,i7 ) respect to ! regulations ( ! ,commission & ! guidance & ord]s ( ! ,commission2 & 7,,ii7 = su* legislative actions z ,fin,hub det]m9es appropriate2 & 7vi7 any o!r in=mation1 z det]m9$ appropriate by ! ,director ( ,fin,hub4 7,c7 ,confid5tiality ,a report "u subp>agraph 7,a7 may n conta9 confid5tial in=mation4 7#g7 ,sy/ems ( records 7,a7 ,9 g5]al ,! ,commission %all e/abli% a detail$ sy/em ( records 7z def9$ "u section #eeb;a ( title #e1 ,unit$ ,/ates ,code7 to assi/ ,fin,hub 9 communicat+ ) int]e/$ p>ties4 7,b7 ,entities cov]$ by ! sy/em ,entities cov]$ by ! sy/em requir$ "u subp>agraph 7,a7 include entities or p]sons submitt+ reque/s or inquiries & o!r in=mation to ,commission ?r\gh ,fin,hub4 7,c7 ,security & /orage ( records ,fin,hub %all /ore-- 7i7 electronic records-- 7,i7 9 ! sy/em requir$ "u subp>agraph 7,a72 or 7,,ii7 on ! secure network or o!r electronic m$ium1 su* z encrypt$ h>d drives or back-up m$ia1 ( ! ,commission2 & 7ii7 pap] records 9 secure facilities4 7#h7 ,effective date ,?is subsection %all take effect on ! date t is #ahj days aft] ! date ( ! enactm5t ( ?is subsection4 4 #c4 ,codification ( ,lab,c,f,t,c 7a7 ,9 g5]al ,section #ah ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #bb7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,lab,c,f,t,c 7#a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,commission ,lab,c,f,t,c4 7#b7 ,purpose ,! purposes ( ,lab,c,f,t,c are to-- 7,a7 promote responsible f9ancial te*nology innovation & fair competition = ! b5efit ( ! ,am]ican public2 7,b7 s]ve z an in=mation plat=m to in=m ! ,commission ab\t new f9ancial te*nology innovation2 & 7,c7 provide outrea* to f9ancial te*nology innovators to discuss _! innovations & ! regulatory framework e/abli%$ by ?is ,act & ! regulations promulgat$ !reund]4 7#c7 ,director ,lab,c,f,t,c %all h a ,director1 :o %all be appo9t$ by ! ,commission & s]ve at ! pleasure ( ! ,commission4 ,not)/&+ section #b7;a77#f77;,a71 ! ,director %all report directly to ! ,commission & p]=m su* functions & duties z ! ,commission may prescribe4 7#d7 ,duties ,lab,c,f,t,c %all-- 7,a7 advise ! ,commission ) respect to rulemak+s or o!r ag5cy or /aff action reg>d+ f9ancial te*nology2 7,b7 provide int]nal education & tra9+ to ! ,commission reg>d+ f9ancial te*nology2 7,c7 advise ! ,commission reg>d+ f9ancial te*nology t w\ld bol/] ! ,commission's ov]sight functions2 7,d7 engage ) academia1 /ud5ts1 & pr(essionals on f9ancial te*nology issues1 ideas1 & te*nology relevant to activities "u ?is ,act2 7,e7 provide p]sons work+ 9 em]g+ te*nology fields ) in=mation on ! ,commission1 its rules & regulations1 & ! role ( a regi/]$ futures association2 & 7,f7 enc\rage p]sons work+ 9 em]g+ te*nology fields to engage ) ! ,commission & obta9 fe$back f ! ,commission on pot5tial regulatory issues4 7#e7 ,access to docum5ts ,! ,commission %all ensure t ,lab,c,f,t,c has full access to ! docum5ts & in=mation ( ! ,commission & any self-regulatory organization or regi/]$ futures association1 z necess>y to c>ry out ! functions ( ,lab,c,f,t,c4 7#f7 ,report to ,congress 7,a7 ,9 g5]al ,n lat] ?an ,octob] #ca ( ea* ye> aft] #bjbd1 ,lab,c,f,t,c %all submit to ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives & ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate a report on its activities4 7,b7 ,cont5ts ,ea* report requir$ "u p>agraph 7#a7 %all include-- 7i7 ! total numb] ( p]sons t met ) ,lab,c,f,t,c2 7ii7 a summ>y ( g5]al issues discuss$ dur+ meet+s ) ! p]son2 7iii7 in=mation on /eps ,lab,c,f,t,c has tak5 to improve ,commission s]vices1 includ+ responsiv5ess to ! conc]ns ( p]sons2 7iv7 recomm5dations made to ! ,commission ) respect to ! regulations1 guidance1 & ord]s ( ! ,commission & su* legislative actions z may be appropriate2 & 7v7 any o!r in=mation det]m9$ appropriate by ! ,director ( ,lab,c,f,t,c4 7,c7 ,confid5tiality ,a report "u p>agraph 7,a7 %all abide by ! confid5tiality requirem5ts 9 section #h4 7#g7 ,sy/ems ( records 7,a7 ,9 g5]al ,! ,commission %all e/abli% a detail$ sy/em ( records 7z def9$ 9 section #eeb;a ( title #e1 ,unit$ ,/ates ,code7 to assi/ ,lab,c,f,t,c 9 communicat+ ) int]e/$ p>ties4 7,b7 ,p]sons cov]$ by ! sy/em ,! p]sons cov]$ by ! sy/em ( records %all include p]sons submitt+ reque/s or inquiries & o!r in=mation to ! ,commission ?r\gh ,lab,c,f,t,c4 7,c7 ,security & /orage ( records ,! sy/em ( records %all /ore records electronically or on pap] 9 secure facilities1 & %all /ore electronic records on ! secure network ( ! ,commission & on o!r electronic m$ia1 su* z encrypt$ h>d drives & back-up m$ia1 z ne$$4 4 7b7 ,con=m+ am5dm5ts ,section #b7;a77#f77;,a7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77#f77;,a77 is am5d$-- 7#a7 by /rik+ p>agraph & 9 & ins]t+ p>agraph12 & 7#b7 by ins]t+ & section #ah7;c77#c71 be=e ! executive4 7c7 ,effective date ,! ,commodity ,futures ,trad+ ,commission %all implem5t ! am5dm5ts made by ?is section 7includ+ comply+ ) section #ah7;c77#g7 ( ! ,commodity ,ex*ange ,act7 )9 #ahj days aft] ! date ( ! enactm5t ( ?is ,act4