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

This provision requires each covered agency to assess, within 180 days of the bill's enactment, how their current technologies hinder their ability to conduct adequate, real-time supervision of regulated entities. This includes evaluating core information technology infrastructure, technologies used directly for supervision, tools for monitoring general market risks using reported and external data, and technologies for data collection, storage, processing, and security.

This section requires each covered agency, also within 180 days of enactment, to assess their procurement rules and protocols for acquiring or developing new technological systems. They must identify any opportunities to streamline these processes, particularly concerning the ability of the covered agency to test new technological systems, within their existing authority.

This provision mandates that, 18 months after completing the initial assessments and every 5 years thereafter, the covered agencies must coordinate and jointly submit a report to specific Congressional committees. The report must detail their hardware/software, procurement practices, technology workforce, data collection processes, market trends, and plans for future technology upgrades, including timelines, costs, and potential interagency coordination. The report must be submitted in a manner that does not compromise security.