Establishes a regulatory sandbox program to test innovative products and services.

The bill establishes a regulatory sandbox program to allow businesses to test innovative products, services, and business models under limited regulatory oversight. Businesses can apply to participate in the sandbox for a 12-month period to demonstrate their offerings. The Office of Regulatory Reform will review applications and consult with relevant agencies before approving or denying participation. Approved businesses will have certain state laws and regulations temporarily waived or suspended. The sandbox aims to reduce regulatory burdens while still protecting consumers.

Establishes a regulatory sandbox program to test innovative products and services.

The bill establishes a regulatory sandbox program to allow businesses to test innovative products, services, and business models under limited regulatory oversight. Businesses can apply to participate in the sandbox for a 12-month period to demonstrate their offerings. The Office of Regulatory Reform will review applications and consult with relevant agencies before approving or denying participation. Approved businesses will have certain state laws and regulations temporarily waived or suspended. The sandbox aims to reduce regulatory burdens while still protecting consumers.