# Foster Proposes Open-Source Regulatory Software Study

On November 5, 2026, Rep. Bill Foster released a discussion draft of the Real-Time Regulatory Study Act. The draft would direct the Federal Reserve Board, in coordination with other financial regulators, to develop, test, and publicly release open-source demonstration software for financial-institution reporting, liquidity management, stress testing, fraud screening, and related regulatory functions. Testing would use synthetic or legally permitted historical data—not live customer accounts—and would not authorize real financial or supervisory actions. The draft provides no appropriation, mandatory adoption, solicitation, or contract award, so it signals a possible future technical contribution opportunity rather than a current procurement.

- Companies and research organizations with relevant software, data, or regulatory reporting expertise may assess where they could contribute, but the draft does not establish a contracting or submission process.
- If enacted, the draft targets module publication within one year, a whole-system test within 18 months, and a final report within two years; these are proposed milestones, not current procurement deadlines.
- Procurement teams should distinguish this potential open-source collaboration from funded acquisition activity: no funding amount or award is identified. Legislative and Federal Reserve developments are the stated sources for determining whether a formal opportunity emerges.

**Jurisdictions:** federal
**Industries:** Information Technology
**Topics:** Policy, Regulatory Compliance, Digital Infrastructure
**Published:** November 05, 2026

### Government Entities
- Federal Reserve Board (FRB)
- U.S. House of Representatives
- Federal Home Loan Banks (FHLBanks)
- National Credit Union Administration Central Liquidity Facility (NCUA CLF)
- House Financial Institutions Subcommittee

### Key Quotes
> My Real-Time Regulatory Study Act would explore how secure, open-source technology can help banks and credit unions reduce compliance costs, give regulators real-time insight into emerging risks, and strengthen the stability of our financial system.
> — Rep. Bill Foster, U.S. Representative

### Sources
- [Rep. Foster Unveils Discussion Draft of Legislation to Modernize Financial Regulatory Reporting and Strengthen Oversight of the Financial System | Congressman Bill Foster](https://foster.house.gov/media/press-releases/rep-foster-unveils-discussion-draft-legislation-modernize-financial-regulatory) - Foster
- [ONE_PAGER_Real-Time Regulatory Study Act_FOSTER_Final.docx](https://foster.house.gov/sites/evo-subsites/foster-evo.house.gov/files/evo-media-document/one_pager_real-time-regulatory-study-act_foster_final.docx-4-2.pdf) - Foster