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 Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
25
59
Revenues
0
2
-13
Increase or Decrease (-) in the Deficit
0
23
72
Spending Subject to Appropriation (Outlays)
0
15
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
< $2.5 billion
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
< $5 billion
Contains intergovernmental mandate?
No
Contains private-sector mandate?
Yes, Under Threshold
The bill would
Require nine federal agencies to establish offices to promote innovation in financial products and services
Increase the cost of an existing private-sector mandate if federal financial regulators increase annual fees to offset the cost of implementing the bill
Estimated budgetary effects would mainly stem from
Increases in direct spending, decreases in revenues, and increases in spending subject to appropriation for federal financial regulators to establish new offices
