Description:
H.R. 7440, Financial Services Innovation Act of 2024 As ordered reported by the House Committee on Financial Services on April 17, 2024 By Fiscal Year, Millions of Dollars20242024-20292024-2034Direct Spending (Outlays)02559Revenues02-13Increase or Decrease (-) in the Deficit02372Spending Subject to Appropriation (Outlays)015not estimatedIncreases net direct spending in any of the four consecutive 10-year periods beginning in 2035?< $2.5 billionStatutory pay-as-you-go procedures apply?YesMandate EffectsIncreases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?< $5 billionContains intergovernmental mandate?NoContains private-sector mandate?Yes, Under ThresholdThe bill wouldRequire nine federal agencies to establish offices to promote innovation in financial products and servicesIncrease the cost of an existing private-sector mandate if federal financial regulators increase annual fees to offset the cost of implementing the billEstimated budgetary effects would mainly stem fromIncreases in direct spending, decreases in revenues, and increases in spending subject to appropriation for federal financial regulators to establish new offices
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