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…

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

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.

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.'

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

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

Today, I missed a recorded vote. Had I been present, on rollcall No. 715, the motion to suspend the rules and pass H.R. 4531, the Support for Patients and Communities Reauthorization Act, I would have voted ``yea.'' ____________________

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

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?

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

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?

Yes. For example, 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?

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?

You as public officials, it is becoming very easy to clone all of your voices because once it is in the public domain, there is a data set to be able to duplicate it.

Yes. McKinsey has estimated, I think, between 2 and 3 percent GDP loss from not having a high-quality digital identity.

I was very encouraged to hear my Republican colleagues' support for your mission, and that they agree with roughly 80 percent of Americans that you are doing something useful here.

As the ranking member pointed out, over 82 percent of Americans and 77 percent of Republicans support the mission of the CFPB.

Since we passed the Dodd-Frank Act that created the CFPB back in 2010, the CFPB has effectively fulfilled its mission to protect consumers from unfair, deceptive, and abusive practices in financial markets, despite coming under continual…

the CFPB has effectively fulfilled its mission to protect consumers from unfair, deceptive, and abusive practices in financial markets.

over 82 percent of Americans and 77 percent of Republicans support the mission of the CFPB.

I have been really encouraged to see that you have raised the alarm over artificial intelligence (AI) and where that is taking the whole thing.

The American banking system is sound and resilient.

Today, we are going to be discussing the recommendations of various international and intergovernmental organizations.

One of our duties in Congress is to respond to the world as it actually is rather than the fever dreams of some sort of takeover by world government.