HOUSE DOCKET, NO. 3025 FILED ON: 2/18/2021
HOUSE . . . . . . . . . . . . . . . No. 1129
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The Commonwealth of Massachusetts
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PRESENTED BY:
Bradley H. Jones, Jr.
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act relative to establishing a financial technology task force.
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PETITION OF:
Name: | District/Address: | Date Added: |
Bradley H. Jones, Jr. | 20th Middlesex | 2/18/2021 |
Susan Williams Gifford | 2nd Plymouth | 2/25/2021 |
Paul K. Frost | 7th Worcester | 3/11/2021 |
Mathew J. Muratore | 1st Plymouth | 3/22/2021 |
Steven S. Howitt | 4th Bristol | 3/31/2021 |
HOUSE DOCKET, NO. 3025 FILED ON: 2/18/2021
HOUSE . . . . . . . . . . . . . . . No. 1129
By Mr. Jones of North Reading, a petition (accompanied by bill, House, No. 1129) of Bradley H. Jones, Jr., and others for an investigation by a special commission (including members of the General Court) relative to the financial impact of financial technology operations and current bank charter regulations. Financial Services. |
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Second General Court
(2021-2022)
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An Act relative to establishing a financial technology task force.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding any special or general law to the contrary, there shall be a special task force to review and report on the financial impact of Financial Technology operations and current bank charter regulation in Massachusetts. The task force shall consist of 9 members: the house and senate chairs of the joint committee on financial services or their designees, who shall serve as the co-chairs of the task force; a member of the general court appointed by the senate minority leader; a member of the general court appointed by the house minority leader; a member of MassChallenge’s Global Board of Directors, or a designee; the executive director of the Massachusetts Technology Collaborative, or a designee; and 3 persons to be appointed by the Massachusetts Commissioner of Banks, 1 of whom shall be an employee of the commonwealth in the office of the secretary of labor and workforce development, and 2 of whom shall be selected from a list of 5 persons nominated by the Massachusetts Bankers Association.
This task force shall: (i) identify and review the state laws, regulations, and administrative directives related to financial technology and banking charters; (ii) identify the key banking developments that would best benefit citizens of Massachusetts; (iii) require the division of banks to submit reports to the legislature it obtains from banks and technology companies; and (iv) develop recommendations to establish legislative procedures to better integrate Financial Technology in Massachusetts.
The task force shall submit a report, including any draft legislation and regulations, to the clerks of the house and representatives and the senate within 12 months of the passage of this act.