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 the identity of customers.
Foster emphasizes the benefits of digital ID for financial processes.
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I think it is particularly true where you are failing to do a rigorous cost-benefit analysis for many of the rules.
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?
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The divisive, underdeveloped, and arbitrary Basel III Endgame proposal should be withdrawn and replaced with a proposal that focuses on addressing problems that exist.
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