H.R. 6118: Financial Services Innovation Act of 2016

114th Congress · introduced 2016-09-22 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

federal

Follow this bill, step by step

Where it came from: introduced 2016-09-22 · official record
Who proposed it: Rep. McHenry, Patrick T. [R-NC-10] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Services Innovation Act of 2016

Plain summary

Financial Services Innovation Act of 2016 This bill requires specified federal departments and agencies (agencies) to periodically publish in the Federal Register a nonexclusive list identifying three or more areas of existing regulation: that apply or may apply to a financial innovation offered or intended to be offered by a covered person, and that the agency would consider modifying or waiving if it were to receive a petition from the covered person in accordance with this bill relating to that regulation. The bill defines "a covered person" as a person that offers or intends to offer a financial innovation by submitting a petition to a Financial Services Innovation Office (FSIO) at one or more agencies. Each agency shall establish its own FSIO to: promote financial innovations, and assist covered persons whose petitions have been approved pursuant to this bill. Each agency, through its FSIO, shall: support the development of financial innovations; coordinate with FSIOs at other agencies to share information and data; and establish procedures to reduce the time and cost of offering a financial innovation to the public and enable greater access to financial innovations. The agencies shall create a FSIO Liaison Committee which shall consult on the administration, coordination, and oversight of each agency's FSIO.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Services Innovation Act of 2016

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. McHenry, Patrick T. [R-NC-10] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Federal Register: The official daily publication of the U.S. government for agency rules, proposed rules, public notices and presidential documents.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr6118.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr6118 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114