hold on there's just too much going on in Congress lmao...
Requires financial regulators to assess and report on their technology and procurement.
Reps. Stutzman and Foster introduced.
Introduced in House, referred to committee.
This bill directs several federal financial agencies, such as the Federal Reserve and FDIC, to evaluate their current technologies and procurement processes for new systems. They must then report their findings and plans for upgrades to Congress. The bill was introduced by Mr. Stutzman and Mr. Foster and has been sent to the House Committee on Financial Services for consideration, meaning it has not yet been debated or voted on by the full House.
Introduced Apr 14, 2026
This bill has been introduced in the House of Representatives and referred to the Committee on Financial Services. This is an early stage in the legislative process. For it to become law, it must first be approved by this committee, then pass a vote in the full House, pass a vote in the Senate, and finally be signed by the President. No votes or hearings are currently scheduled.
If this bill becomes law, federal financial agencies like the Federal Reserve, FDIC, and Treasury would be required to update their technology and practices for monitoring banks and other financial institutions. This could lead to more efficient and real-time oversight, potentially allowing agencies to identify financial risks or illegal activities sooner. The bill also aims to improve how agencies acquire new technology, and it might mean supervised banks need to adapt their own systems to better share data with regulators.
Supporters Say
Supporters believe updating agency technology is crucial for effective financial oversight and stability.
Critics Say
No specific criticisms are mentioned in the bill text.
The bill's findings section highlights the importance of modernizing technology for banking regulators, arguing that current systems can lead to delays in identifying risks and detecting illegal activities. It also emphasizes the need for agencies to keep pace with new technologies like artificial intelligence being used by financial firms. The bill text itself does not detail any specific counterarguments or criticisms.