Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act

This bill requires several federal financial agencies — including the Federal Reserve, the FDIC, the Treasury Department, and others — to take a close look at the technology they use to monitor and oversee the banks and financial companies they are responsible for. Each agency must evaluate whether its technology can handle real-time monitoring, review how it buys or builds new tech systems, and find ways to make those purchasing processes simpler and faster. Every five years, these agencies must send reports to Congress covering topics like what technology they use, any planned upgrades, their tech workforce, and how they share data.

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