01 — The Text
What.
- Eight federal financial agencies must assess their current technology systems and supervisory capabilities within a defined timeframe.
- Agencies must review and streamline their procurement rules for buying or building new tech systems.
- Every five years, agencies report to Congress on their tech use, upgrades, workforce, and data-sharing practices.
02 — The Stakes
So what?
- Consumers and businesses affected by financial regulation may see faster, more accurate oversight if agencies modernize.
- Banks and financial firms could face more real-time supervision once agencies upgrade to newer technology platforms.
- Taxpayers benefit if streamlined procurement cuts waste in federal tech spending across finance regulators.
03 — The Path
Now what?
- Bill passed committee with unanimous support (52-0) and is on the House calendar for floor debate—passage likely.
- If passed, agencies have unspecified timeframe to begin assessments; first reports due five years after implementation.
- Track progress at Congress.gov; contact your House member to ask where this stands in floor voting schedule.
Legislative History
Actions.
- Jun 24, 2026 — Placed on the Union Calendar, Calendar No. 617.
- Jun 24, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-711.
- Jun 24, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-711.
- May 13, 2026 — Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
- May 13, 2026 — Committee Consideration and Mark-up Session Held
- Apr 14, 2026 — Referred to the House Committee on Financial Services.
- Apr 14, 2026 — Introduced in House
- Apr 14, 2026 — Introduced in House