Bill Foster

I believe that we can dispel this notion by looking at the facts.

I think the single-most useful thing that we in Congress could do is to establish a federally-recognized standard for presenting illegally-traceable identity.

Many of you have mentioned the fact that the U.S. is often a leader in these international discussions.

Extreme MAGA Republicans' hostility toward our allies is terrible for America and only weakens us as a nation.

As the global economy changes, financial firms and their regulators must remain well-apprised of new and emerging risks.

I am a big fan of how the flexibility of these authorities have been used.

I have spoken to you about this in the past, particularly about a Digital ID, which is one potential solution that is listed in your report.

New technologies, like artificial intelligence and digital assets, give scammers many new tools, and, frankly, I worry that our regulators will be quickly outgunned.

While Democrats continue to put people, peace, and prosperity over politics, MAGA Republicans prioritize only one person: Donald Trump.

Ultimately, Mr. Chairman, extreme MAGA Republicans are the biggest threat to our national and economic security...

This will have huge benefits for the Federal taxpayer.

I am happy to see FSOC identify artificial intelligence as an area of concern for the financial system.

In fact, last November, a cybersecurity breach of third-party service providers disrupted the operations of 60 credit unions across 40 States.

If you find you need any specific encouragement from Congress, I think there will be bipartisan support for that.

Many financial firms I talked to just told me that a reliable form of digital ID would really simplify the Anti-Money Laundering/Know Your Customer (AML/KYC) process, and make it faster, cheaper, and more reliable when they have to confirm…

FSOC's comprehensive view of the financial system is critical because systemic risks rarely develop in ways that fall entirely within the jurisdiction of a single agency.

We would have been better off as a country to have subsidized the drone market so that we would dominate there.

If we need an example of why oversight of nonbank financial firms is essential, we can look at China today.

AIG was famously referred to, if I remember correctly, by the Republican Federal Reserve Chair, Ben Bernanke, as a, 'healthy and well-run insurance company with a hedge fund grafted onto it.'

We must instill transparency and accountability. We must protect American innovation from the political whims of unelected bureaucrats.

Do you believe that a secure digital ID might protect consumers and save them time when addressing areas such as consumer online transactions and so on?

The mobile ID rollout in the United States has been fragmented, with some States moving much faster than others to adopt the technology.

If this was in place during COVID, when we had to onboard massive numbers of unbanked customers, but the customers had had a secure digital ID, would that have been a big improvement in our response to COVID?

Yes. Do any of our other witnesses have any comments on this area, the utility of a national standard for a secure digital ID provided by States?

Emerging technologies like artificial intelligence present new opportunities to make our financial system more secure, inclusive, and efficient.