I 
116TH CONGRESS 
1ST SESSION H. R. 1491 
To establish a FinTech Council to designate a single primary regulator 
of eligible FinTech startups, to create the Offices of Financial Innovation, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 4, 2019 
Mr. DAVID SCOTT of Georgia (for himself and Mr. LOUDERMILK) introduced 
the following bill; which was referred to the Committee on Financial Serv-
ices, and in addition to the Committees on Agriculture, and Energy and 
Commerce, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the juris-
diction of the committee concerned 
A BILL 
To establish a FinTech Council to designate a single primary 
regulator of eligible FinTech startups, to create the Of-
fices of Financial Innovation, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Facilitating Innovation 
and New Technology so Entrepreneurs Create and Hire 
Act of 2019’’ or the ‘‘FINTECH Act of 2019’’. 
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SEC. 2. FINTECH COUNCIL. 
(a) ESTABLISHMENT.—There is established within 
the Department of the Treasury the FinTech Council, 
which shall determine which Federal financial regulator 
or regulators should be the Designated Financial Regu-
lator of an eligible FinTech startup. 
(b) PETITION TO AGENCY.— 
(1) IN GENERAL.—An eligible FinTech startup 
may submit a petition to the FinTech Council, in 
such form and in such manner as the Council may 
require, to request a determination on which Federal 
financial regulators have enforcement authority with 
respect to the eligible FinTech startup. 
(2) CONTENTS.—In a petition submitted under 
this subsection, the eligible FinTech startup shall 
demonstrate that the eligible FinTech startup is of-
fering or intending to offer a financial innovation 
that— 
(A) will serve the public interest; 
(B) improves access to financial products 
or services; 
(C) does not present systemic risk to the 
United States financial system; 
(D) is a new technology or is an innovative 
use of existing technology; 
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(E) does not pose a risk to consumer pro-
tection; and 
(F) will not permit unfair, deceptive, or 
abusive acts and practices. 
(3) MULTIPARTY PETITIONS.—One or more eli-
gible FinTech startups that offer or intend to offer 
similar financial innovations may jointly submit a 
petition under this subsection. 
(c) DETERMINATION.—Upon the request of an eligi-
ble FinTech startup, the FinTech Council shall— 
(1) determine which one or more Federal finan-
cial regulators should be the regulators primarily re-
sponsible for oversight of the eligible FinTech start-
up; 
(2) designate such agencies as the Designated 
Financial Regulator of the eligible FinTech startup; 
and 
(3) notify the eligible FinTech startup and each 
Federal financial regulator of such determination. 
(d) SOLE
ENFORCEMENT
AUTHORITY
BY
DES-
IGNATED FINANCIAL REGULATOR.—Except for the Des-
ignated Financial Regulator, the Federal financial regu-
lators may not take any enforcement action against an eli-
gible FinTech startup. 
(e) AUTHORITY TO REVIEW DESIGNATION.— 
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(1) IN GENERAL.—With respect to an entity 
that has had primary regulators designated under 
subsection (c)(2), the FinTech Council may review 
the designation on an annual basis, or pursuant to 
a request made under paragraph (2), to determine 
whether— 
(A) there has been a material change in 
the business model of the entity; 
(B) the entity is no longer an eligible 
FinTech startup; 
(C) there are material unseen risks that 
weren’t present at the time of the application; 
or 
(D) the entity can no longer demonstrate 
that it meets the requirements described under 
subsection (b)(2). 
(2) RECOMMENDATION OF REVIEW.—If a Fed-
eral financial regulator determines that it would 
have, but for the prohibition under subsection (d), 
taken an enforcement action against an entity that 
has had primary regulators designated under sub-
section (c)(2), the Federal financial regulator may 
recommend that the FinTech Council review such 
designation under paragraph (1). 
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(3) AUTHORITY TO RESCIND DESIGNATION.—If, 
in reviewing a designation under paragraph (1), the 
FinTech Council makes a determination under sub-
paragraph (A), (B), (C), or (D) of paragraph (1), 
the FinTech Council may rescind the designation. 
(4) REAPPLICATION
PERMITTED.—An eligible 
FinTech startup that loses its designation under this 
section may reapply for designation. 
(5) NOTICE.—If the FinTech Council rescinds 
a designation under this section, the Council shall— 
(A) immediately notify the entity that was 
the subject of the designation and the Congress; 
and 
(B) upon making a final determination, 
publicly provide a written explanation of the 
basis for the Council’s decision with sufficient 
detail to provide the public with an under-
standing of the specific basis of the Council’s 
determination, including any assumptions re-
lated thereof. 
(f) TWO-YEAR LIMITATION.—After the end of the 
two-year period beginning on the date an entity first has 
a primary regulatory designated under subsection (c)(2)— 
(1) any such designation is terminated; and 
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