This is the moment that the House has been waiting for. The Financial Market Infrastructures Bill establishes a new framework for the regulation and supervision of financial market infrastructures—or FMIs. FMIs are sometimes described as the plumbing of the financial system. They include payment systems which are used to effect payments in the financial sector and real economy, and other types of infrastructures like securities settlement systems and central counterparties, which support the buying and selling of financial products in various ways.