H.R. 4813 · 116th Congress
Keep Big Tech Out Of Finance Act
- Stage
- In committee
- Sponsor
- Chuy García
- Introduced
- 2019-10-23
- Latest action
- 2019-11-13 · Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Summary
Keep Big Tech Out Of Finance Act
This bill generally prohibits certain large technology companies (e.g., social media platforms) from offering financial services. Specifically, these companies may not be a financial institution; be affiliated with a financial institution; or establish, maintain, or operate a digital currency.
The bill provides for a one-year wind-down period for a company engaging in these prohibited activities.