The Subcommittee on Digital Assets, Financial Technology, and Inclusion, part of the House Financial Services Committee, has announced a hearing addressing innovation in financial services. The hearing is entitled: “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services”
The hearing is currently scheduled to take place at 10 AM on Tuesday, December 5, 2023.
The hearing memo and witnesses are not yet available.
Typically, in financial services, innovation must be enabled by regulators and other policymakers. Financial services is one of the most regulated industries in the US. In other hotbeds of Fintech innovation, such as the UK and Singapore, regulators have worked to help provide a compliant path for change in financial services. In the US, it has been a bit rocky – due in part to an uncomfortable approach from the Securities and Exchange Commission. In the end, it is a balancing act that requires trust on both sides.
The hearing will be live-streamed on the Committee website.