Political Quotes

“I want to acknowledge the work of Congressman Kinzinger and Congressman Cardenas in bringing this resolution to the floor today. In the last year or so, fintech, financial technology, has become the new buzzword on Capitol Hill. Finance and technology have long had a close relationship. For decades, banks have been able to send money between themselves nearly instantaneously. Consumers have easy access to online and mobile banking services. Now, more technology is coming into consumers' hands. Person-to- person payment apps have made check-splitting at restaurants much less of an ordeal. Blockchain is being used to send remittances around the world. The challenge for Federal regulators is to understand and adapt to this new technology. Fintech does not always involve traditional financial institutions. It has increased the amount of potentially sensitive consumer information being stored and transmitted. If we want innovation to continue and for consumers to trust this technology, we must ensure that data security is baked in. We also need to consider how new technology works with existing rules to prevent money laundering and terrorist financing. These are not easy issues, but they are critical to furthering innovation, which I hope will lead to lower costs and better services for consumers.…”