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H.R. 1491: Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019

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H.R. 1491: Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019

116th Congress · introduced 2019-03-04 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2019-03-04 · official record
  2. Who proposed it: Rep. Scott, David [D-GA-13] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. 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.
  5. 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

Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019

Plain summary

Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019 or the FINTECH Act of 2019 This bill addresses the regulation of financial technology (fintech) start-ups. The FinTech Council is established within the Department of the Treasury. The council must designate, upon request by a fintech start-up, which federal financial regulators have exclusive oversight authority over that start-up. This designation lasts for two years and in general provides a safe harbor from enforcement actions by other regulators. To be eligible, a fintech start-up must meet certain requirements, including by demonstrating that they offer a financial innovation that serves the public interest. In each federal financial regulatory agency there is established an Office of Financial Innovation. Duties of the office include coordinating agency efforts to reduce regulatory burdens on eligible start-ups and conducting outreach to a start-up in the event of a regulatory action. The Advisory Council of FinTech Directors is established to provide advice to each federal financial regulator regarding the supervision of eligible fintech start-ups.

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

What a vote does

A “Yea” vote

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

A “Nay” vote

If it is not passed, current law stays as it is.

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

What does this mean? (plain words)

Official text

Facilitating Innovation and New Technology so Entrepreneurs Create and Hire Act of 2019

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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

Officials and money

Sponsor: Rep. Scott, David [D-GA-13] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Barry Loudermilk (R-GA)

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 (2)
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).
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

Record fed-us-cong116-hr1491 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116