Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act

Hozzl · 2024-11-15T00:41:12Z

Explore the details of House Bill 7437 Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

11/15/2024, 12:41 AM

Summary of Bill HR 7437

Bill 118 hr 7437, also known as the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, aims to improve the effectiveness of regulatory supervision through the use of technology. The bill seeks to modernize and streamline regulatory processes by leveraging technological advancements.

Specifically, the bill calls for the development and implementation of technology-based tools and systems to enhance regulatory oversight and enforcement. This includes the use of data analytics, artificial intelligence, and other innovative technologies to improve the efficiency and accuracy of regulatory supervision.

Additionally, the bill emphasizes the importance of collaboration between regulatory agencies, industry stakeholders, and technology experts to ensure the successful implementation of these technological solutions. By fostering a culture of innovation and collaboration, the bill aims to enhance regulatory effectiveness and promote compliance with regulatory requirements. Overall, Bill 118 hr 7437 seeks to harness the power of technology to strengthen regulatory supervision and enforcement, ultimately benefiting both regulatory agencies and the industries they oversee.

Congressional Summary of HR 7437

Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act

This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration to assess the technology used by the entity and its capabilities to conduct real-time supervisory assessments.

Every five years, these entities must report to specified congressional committees. The report must contain an overview of the technology used in supervisory assessments and any anticipated upgrades, a description of procurement practices, an overview of the entity’s technology development workforce, and details regarding data sharing procedures.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 7437

Bill HR 7437 is currently in the status of Bill Introduced since February 23, 2024. Bill HR 7437 was introduced during Congress 118 and was introduced to the House on February 23, 2024. Bill HR 7437's most recent activity was Placed on the Union Calendar, Calendar No. 615. as of November 1, 2024

Bipartisan Support of Bill HR 7437

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7437

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Computer security and identity theft

- Computers and information technology

- Intergovernmental relations

- Public contracts and procurement

- Technology assessment

- Technology transfer and commercialization

Alternate Title(s) of Bill HR 7437

Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act

To require certain supervisory agencies to assess their technological vulnerabilities, and for other purposes.

Comments

Scottie Meyers

512

1 year ago

Ugh, like, why do they always gotta come up with these long names for bills? This one, like, totally sounds like a snooze fest. How does this thing even help anyone? Who even benefits from this? #confused

Riley Bullard

488

1 year ago

I have concerns about the potential impact of this bill on our regulatory system.

Alberto Locklear

419

1 year ago

I dunno about this bill, sounds like a bunch of mumbo jumbo to me. How is it gonna affect me anyway? Seems like just another way for the government to stick their nose where it doesn't belong. Who knows what kind of mess this is gonna cause in the long run.

Koen Gupta

484

1 year ago

I can't believe this new bill is gonna mess with my job! It's gonna make things so much harder for me and my family. I don't like it one bit. This is gonna be a real problem for us in the long run.

Sullivan Peck

485

1 year ago

I'm not convinced this is the right move. How will this impact us in the short term?

Colten Becker

429

1 year ago

This bill is a joke. It's gonna make things harder for businesses and stifle innovation. Did you know it could lead to increased government surveillance on citizens? #NotCool