House committee report assesses financial innovation

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House Financial Services Committee Republicans have released a staff report outlining recommendations to fully utilize financial innovation for greater inclusivity.

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The Committee’s Task Forces on Financial Technology and Artificial Intelligence joined in producing the analysis, which determined the nation must lead in global payments; automation leads to better decision making; banks should harness the power of data and machine learning to combat fraud, streamline compliance, and make better underwriting decisions while ensuring transparency for American consumers; and Congress must keep up with technology to better protect consumers.

“Recognizing the promise of technology to build a more inclusive financial system, I worked with my Democrat colleagues to establish the Committee’s task forces last Congress,” Rep. Patrick McHenry (R-NC), the House Financial Services Committee’s top Republican, said. “Over the past two years, Republican task force members have made the case for innovation as the key to helping American consumers and businesses gain greater access to credit, investment opportunities, and our banking system.

McHenry said the report recommendations should guide the work of the task forces, as Committee Republicans continue to fight for greater choice and opportunity in our financial system.

“I’m proud of the work Republicans on the House Financial Services Committee’s FinTech and AI Task Forces have accomplished in producing this report,” said Subcommittee Republican Leader French Hill (R-AR) said. “Technology continues to play an ever-growing role in our day-to-day lives and with more Americans increasingly conducting financial transactions digitally. Congress should be focused on promoting greater financial inclusion and expanded access to financial services while also ensuring that federal policy does not stand in the way of progress and our global competitiveness.”

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