Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
Financial Regulator Technology Assessment
This bill was recently introduced and is currently being reviewed by the House Committee on Financial Services. It is in the early stages of the legislative process and is actively moving forward. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has support from both parties and focuses on making government more efficient, which usually helps it move forward. However, many bills like this are introduced but never make it to a final vote.
Key Points
- This bill requires major financial agencies like the Federal Reserve and FDIC to study their own technology. It aims to replace outdated tools that make it hard for the government to monitor banks and catch illegal activity in real time.
- Agencies must review how they buy new software and hardware. The goal is to find ways to speed up the process so regulators can use the latest tools, including artificial intelligence, to keep the financial system safe.
- The government would have to report on its tech workforce, including how well it recruits experts and how much it depends on outside contractors. This ensures the people watching our banks have the right skills for the modern world.
- Every five years, these agencies must give Congress a joint report on their progress. This report will include the costs of upgrades and how different agencies are working together to share data and protect against cyberattacks.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.