The House Financial Services Committee has scheduled a full Committee hearing to discuss Fintech.
Entitled “Innovation Revolution: How Technology is Shaping the Future of Finance,” this may be the last Fintech hearing under Committee Chairman Patrick McHenry, who has announced his retirement from Congress.
The hearing will be held on Wednesday, December 4, at 10 AM ET. It will be live-streamed and available to the public.
As of yet, no hearing memo is available, nor are witnesses scheduled to testify.
While the House has approved multiple bills aiming to enable Fintech innovation, including digital assets, the Senate, under the control of Democrats, ended up becoming the place where good legislation went to die. Following the elections, this will change as Republicans will now hold the majority. The leadership of Senate Banking will most likely shift to Senator Tim Scott, who is known for his support of smaller businesses and innovation. As the Committee’s ranking member, Senator Scott indicated his focus during the 118th Congress would support financial inclusion and innovation. Scott stated in early 2023:
“Unfortunately, under progressive leadership, the American Dream has slipped further and further out of reach. By focusing on commonsense policies like expanding access to credit, fostering innovation, and promoting financial inclusion, we can build an opportunity economy that opens doors, improves lives, and empowers everyday Americans to achieve their dreams.”
Under the leadership of Senator Sherrod Brown, who was not re-elected, the Senate Banking Committee failed to debate most Fintech legislation.