1. Short title This Act may be cited as the Treasury Innovation Act . 2. Department of the Treasury bug bounty pilot program (a) Definitions In this section: (1) Bug bounty pilot program The term bug bounty pilot program means a program under which an approved computer security specialist or security researcher is temporarily authorized to identify and report vulnerabilities within the information system of the Department in exchange for cash payment. (2) Department The term Department means the Department of the Treasury. (3) Information system The term information system has the meaning given the term in section 3502 of title 44, United States Code. (4) Pilot program The term pilot program means the bug bounty pilot program required to be established under subsection (b)(1). (5) Secretary The term Secretary means the Secretary of the Treasury. (b) Establishment of pilot program (1) In general Not later than 180 days after the date of the enactment of this Act, the Secretary shall establish a bug bounty pilot program to minimize vulnerabilities to the information systems of the Department. (2) Requirements In establishing the pilot program, the Secretary shall— (A) provide monetary compensations for reports of previously unidentified security vulnerabilities within the websites, applications, and other information systems of the Department that are accessible to the public; (B) develop an expeditious process by which computer security researchers can register for the pilot program, submit to a background check as determined by the Department, and receive a determination as to approval for participation in the pilot program; (C) designate mission-critical operations within the Department that should be excluded from the pilot program