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Congressman Tony Cardenas

Representing the 29th District of California

Representatives Cárdenas and Kinzinger Get First ‘FinTech’ Bill Passed

Sep 12, 2016
Press Release

 

WASHINGTON, DC – On Monday, Sept. 12, 2016, Congressmen Tony Cárdenas (D-CA) and Adam Kinzinger (R-IL) together led the successful adoption of House Resolution 835 (H.Res.835), the first Financial Technology resolution to ever be introduced and passed by the U.S. House of Representatives. The resolution, which received widespread bipartisan support, proposes a national policy that will underscore innovative changes taking place in the financial services industry with the intention of promoting more consumer and economic growth.

The resolution, which was submitted by Congressman Kinzinger and co-led by Congressman Cárdenas, was referred to the Committee on Energy and Commerce.

“The way that people bank and shop has changed dramatically in the past few years. With these innovations we have also witnessed increased risks to personal data,” said Congressman Cárdenas. “H.Res.835 could create a much needed policy path that would allow for the development of alternative technologies that support transparency and maintain security. The resolution is a step towards ensuring that consumers and businesses, especially those that are underbanked, have access to the financial tools and services they need. I am pleased to join Rep. Kinzinger in ensuring this resolution passes through the House.”

“Today, we have an opportunity to capitalize on an emerging technology in consumer finance, known as FinTech,” said Congressman Kinzinger. “With greater speed, convenience, efficiency, and accessibility, FinTech is leading the charge in payment innovation and providing greater transparency and control for consumers to have over their financial information. I’d like to thank my colleague Rep. Cárdenas for joining me in this effort to ensure the U.S. is competitively positioned to leverage this next wave of technology for the economy and consumers’ benefit.”  

The resolution was endorsed by Coin Center, a non-profit research and advocacy center focused on public policy issues facing cryptocurrency and decentralized computing technologies, and Financial Innovation Now, an alliance of technology leaders, including Amazon, Apple, Google, Intuit and PayPal.

VIDEO: Rep. Cárdenas' floor speech in support of the resolution can be viewed here

 

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