Eliminate Barriers to Innovation Act of 2021

Hozzl · 2023-03-08T19:59:03Z

Explore the details of House Bill 1602 Eliminate Barriers to Innovation Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/8/2023, 7:59 PM

Summary of Bill HR 1602

Bill 117 HR 1602, also known as the Eliminate Barriers to Innovation Act of 2021, aims to promote innovation and economic growth by removing unnecessary regulations that hinder technological advancements. The bill focuses on streamlining the process for companies to obtain approval for new products and services, particularly in the fields of technology and healthcare.

One key provision of the bill is the establishment of a task force to review existing regulations and identify areas where unnecessary barriers to innovation exist. The task force will then make recommendations to Congress on how to eliminate these barriers and promote a more competitive and innovative marketplace.

Additionally, the bill includes measures to improve coordination between federal agencies involved in regulating new technologies, such as artificial intelligence and autonomous vehicles. By ensuring that regulations are consistent and not duplicative, the bill aims to reduce the burden on companies seeking to bring new products to market. Overall, the Eliminate Barriers to Innovation Act of 2021 seeks to foster a more innovative and competitive economy by removing unnecessary regulatory hurdles that stifle technological advancements. The bill has garnered bipartisan support in Congress and is seen as a positive step towards promoting innovation and economic growth in the United States.

Congressional Summary of HR 1602

Eliminate Barriers to Innovation Act of 2021

This bill requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly establish a working group on digital assets. The working group must (1) report on the impact of the U.S. legal and regulatory framework on the digital asset market; and (2) provide recommendations regarding digital asset market fairness and integrity, cybersecurity standards, and the reduction of fraud and manipulation.

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Current Status of Bill HR 1602

Bill HR 1602 is currently in the status of Introduced to Senate since April 22, 2021. Bill HR 1602 was introduced during Congress 117 and was introduced to the House on March 8, 2021. Bill HR 1602's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of April 22, 2021

Bipartisan Support of Bill HR 1602

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 1602

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Advanced technology and technological innovations

- Advisory bodies

- Banking and financial institutions regulation

- Computers and information technology

- Currency

- Digital media

- Fraud offenses and financial crimes

- Government information and archives

- Government studies and investigations

- Minority and disadvantaged businesses

- Public-private cooperation

- Right of privacy

Alternate Title(s) of Bill HR 1602

Eliminate Barriers to Innovation Act of 2021

To direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to jointly establish a digital asset working group, and for other purposes.

Eliminate Barriers to Innovation Act of 2021