Market expansion for remittance providers

(a) Removing regulatory barriers The Secretary of the Treasury shall issue rules to remove undue regulatory barriers applicable to remittance providers that— (1) are owned by members of the African Diaspora; and (2) are fintech-driven. (b) Remittance Innovation Fund (1) Establishment There is established in the Treasury a fund to be known as the Remittance Innovation Fund. (2) Use of Fund The Secretary of the Treasury shall use amounts in the Remittance Innovation Fund to promote low-cost, secure, and traceable financial transfers by— (A) providing technical support to remittance providers described in subsection (a); and (B) providing seed funding to persons seeking to establish a remittance provider described in subsection (a).