"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 ..."
"If you find you need any specific encouragement from Congress, I think there will be bipartisan support for that."
"In fact, last November, a cybersecurity breach of third-party service providers disrupted the operations of 60 credit unions across 40 States."
"We would have been better off as a country to have subsidized the drone market so that we would dominate there."
"We must instill transparency and accountability. We must protect American innovation from the political whims of unelected bureaucrats."
"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."
"Emerging technologies like artificial intelligence present new opportunities to make our financial system more secure, inclusive, and efficient."
"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..."
"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?"
"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 t..."
"The mobile ID rollout in the United States has been fragmented, with some States moving much faster than others to adopt the technology."