119-HR-8278 Journalist Public Summary
119 · HR 8278 Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
A bipartisan House bill would make federal financial regulators audit their own tech and procurement practices, then report back to Congress on upgrades, costs, and data-sharing plans, and it just cleared committee unanimously on May 13, 2026. (docs.house.gov)
Public Summary — 119-HR-8278 (FUTURES Act)
Headline Summary: H.R. 8278 would require U.S. financial regulators to assess whether their current technology and buying rules let them supervise banks and other firms in near real time, and to outline fixes, timelines, and costs in regular reports to Congress. (docs.house.gov)
What It Does: The bill directs covered agencies (Federal Reserve, FDIC, OCC/Treasury, CFPB, FinCEN, FHFA, and NCUA) to examine their IT, data tools, market-risk monitoring, cybersecurity, and procurement policies within 180 days; identify barriers to testing new systems; and jointly submit follow‑up reports 18 months after the assessments and every five years thereafter detailing planned upgrades, workforce needs, data‑sharing practices, and estimated costs for regulated entities. (docs.house.gov)
Who’s For It:
- Sponsors: Rep. Marlin Stutzman (R‑IN) and Rep. Bill Foster (D‑IL) introduced the bill on April 14, 2026, signaling bipartisan interest in modernizing supervision. (docs.house.gov)
- House Financial Services Committee: Voted 52–0 on May 13, 2026, to report the bill favorably, indicating broad bipartisan support at the committee stage. (docs.house.gov)
- Industry: The American Bankers Association urged the committee to advance H.R. 8278, arguing that clearer tech assessments and procurement pathways would improve oversight and reduce fraud risk. (aba.com)
Who’s Against It:
- No recorded opposition in committee; the bill advanced on a unanimous 52–0 vote as of May 13, 2026. (docs.house.gov)
- Potential concerns raised in the broader policy debate include: safeguarding sensitive supervisory data if agencies expand real‑time collection; avoiding vendor lock‑in or weakened oversight when streamlining procurement; and ensuring AI tools used in supervision meet strong governance standards. (fedscoop.com)
What’s Next: After being ordered reported, the bill heads to the full House for scheduling; timing depends on House leaders and floor rules. As of May 14, 2026, it awaits House floor consideration following the committee’s favorable report. (docs.house.gov)
Discussion