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Eliminate Barriers to Innovation Act of 2021
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.
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.
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
8Democrat Cosponsors
2Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1602
Primary Policy Focus
Finance and Financial SectorPotential 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
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
Eliminate Barriers to Innovation Act of 2021
Comments
Sponsors and Cosponsors of HR 1602
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