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H. Rept. 118-792 1 (2024-12-04)

handle is hein.congrecreports/crptxagtw0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 118TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 118-792 FINANCIAL SERVICES INNOVATION ACT OF 2024 DECEMBER 4, 2024.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. McHENRY, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 7440] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 7440) to promote innovation in financial services, and for other purposes, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. CONTENTS Page Purpose and Sum m ary ............................................................................................ 6 Background and Need for Legislation .................................................................... 6 R elated H earings ..................................................................................................... 7 Com m ittee Consideration ........................................................................................ 8 C om m ittee V otes ..................................................................................................... 8 Com m ittee Oversight Findings ............................................................................... 14 Perform ance Goals and Objectives ........................................................................ 14 Congressional Budget Office Estimates ................................................................. 14 New Budget Authority, Entitlement Authority, and Tax Expenditures ............ 18 Federal M andates Statem ent ................................................................................. 18 Advisory Com m ittee Statem ent ............................................................................. 18 Applicability to Legislative Branch ........................................................................ 18 Earm ark Identification ........................................................................................... 18 Duplication of Federal Program s ........................................................................... 18 Section-By-Section Analysis of the Legislation ..................................................... 19 M inority V iew s ........................................................................................................ 23 The amendment is as follows: 59-006