April 13, 2017 – Today Financial Innovation Now submitted six policy recommendations to Senate Banking Committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) in response to their request for proposals to grow the economy.
The following statement is attributed to Brian Peters, Executive Director, Financial Innovation Now:
“The bipartisan effort of Senators Crapo and Brown could not come at a better time, and FIN wholeheartedly applauds their work to build consensus on policies that grow the economy. As leading technology innovators at the forefront of America’s modern economic growth, we hope our voice and ideas offer a new perspective in financial services policy discussions. The technological transformation happening in financial services gives both parties an opportunity to rethink antiquated policies, and FIN believes its proposals offer targeted, bipartisan approaches to improving the economy.”
In its submission letter, FIN calls for a “Financial Innovation National Strategy” to grow U.S. jobs in financial technology and foster innovation and competition in financial services. As part of that strategy, FIN outlines a number of targeted policies, including statutory designation of an Undersecretary of Treasury for Technology, federalized money transmitter laws, payment technology assessments under the Card Act, consumer data access protections, better federal regulatory coordination, and flexible approaches to new tech entrants, among other policies. The text of the letter can be found here: http://financialinnovationnow.org/wp-content/uploads/2017/04/fin-submission-crapo-brown-final.pdf