Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H. Res. 835. Mr. Speaker, as chairman of the Subcommittee on Commerce, Manufacturing, and Trade, I have chaired two hearings in our Disrupter Series exploring fintech. Over the last year, the subcommittee has examined mobile payments, digital currencies, and blockchain technology. There is no question that this new technology is changing the face of global payments and commerce. The rise of the smartphone has drastically changed consumer behavior when it comes to mobile payments. Checking an online account and transferring money is as easy as checking email on your smartphone. In 2014, 22 percent of mobile phone users reported making a purchase on their phone. Thirty-nine percent used their phones to make a purchase in a store. Global investment in financial technology ventures tripled in 2014 to $12 billion, and increased 67 percent in the first quarter of 2016. Payment companies and marketplace lenders account for about two-thirds of these highly valued startups. One of the cutting-edge areas of this innovation is around blockchain, a ledger-based technology fundamentally based on transparency. Blockchain technology holds the potential to disrupt healthcare records management, manufacturing supply chain management, real estate recordkeeping, international clearing and settlement functions, and even regulatory oversight by government agencies.…”