Late last month, US Congressman Patrick McHenry, Chairman of the House of Representatives Financial Services Committee, reintroduced the Financial Services Innovation Act, which aims to promote innovation in the financial sector.
The legislation, which was initially proposed in December 2022, would establish federal regulatory "sandboxes" through Financial Services Innovation Offices (FSIOs) within federal financial regulators. These sandboxes would allow entrepreneurs to test new financial products and services while maintaining consumer protections.
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