The FUTURES Act, a bipartisan legislative initiative recently reported by the House Financial Services Committee as part of a larger financial institutions legislative package, aims to foster technological modernization within financial regulatory agencies. In this episode, RegFi co-hosts Jerry Buckley and Sasha Leonhardt discuss the FUTURES Act and how it would address key findings from a pro bono report they authored with the Alliance for Innovative Regulation (AIR): “Financial Regulators’ Dilemma: Administrative and Regulatory Hurdles to Innovation.”

The conversation highlights challenges Federal regulators currently face when adopting new technologies, including a burdensome procurement process and cultural resistance across agencies, and how the proposed legislation seeks to address these hurdles by mandating comprehensive assessments of current technology systems and requiring regular reporting on improvements and future plans. Jerry and Sasha also discuss the bill’s current status, potential impact and prospects of advancing through Congress in a contested election year.

Links:

• Financial Regulators’ Dilemma: Administrative and Regulatory Hurdles to Innovation
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com