Kentuckiana Times

Washington, D.C.(February 26, 2024) - Congresswoman Erin Houchin (R-IN), alongside Congressman Bill Foster (D-IL), and Congressman French Hill (R-AR), proudly introduced the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act. The bipartisan legislation aims to modernize technology systems within federal agencies responsible for regulating banks and credit unions, enhancing their capacity for effective supervision and oversight.

"Our regulatory agencies must have up-to-date technology for financial oversight," said Congresswoman Houchin. "Through the FUTURES Act, regulators will be able to access cutting-edge technology to protect both customers and financial institutions."

“The collapse of Silicon Valley Bank demonstrated that threats to our financial system can move much faster than previously thought," said Congressman Foster. "Social media, 24-hour banking, and artificial intelligence will increase the speed and intensity of financial crises, and this bill is an important step to ensure our financial regulators have the tools they need to monitor and respond to these new threats."

Key provisions of the FUTURES Act include requiring federal regulatory agencies to conduct comprehensive assessments of their technology systems. These assessments will identify current deficiencies and areas for improvement, including technology plans, procurement practices, workforce impacts, and information intake and analysis. Within 180 days of completing the assessments, regulatory agencies must submit reports to the House Financial Services Committee and the Senate Banking Committee, detailing findings, evaluations, and plans for upgrading technology systems and addressing anticipated challenges.

"Technology changes rapidly, so our federal agencies and their supervisory tools must keep pace," said Congressman Hill. "I am proud to introduce this important piece of legislation with Congresswoman Houchin, and I thank her for her continued leadership to help our country lead in innovation."

Congresswoman Houchin, Congressman Foster, and Congressman Hill invite their colleagues to join them in supporting the FUTURES Act and advancing efforts to modernize regulatory technology.