A bipartisan group of senators recently launched the Senate Financial Innovation Caucus, promoting financial inclusion, technology, and consumer protection.
U.S. Sens. Cynthia Lummis (R-WY), Kyrsten Sinema (D-AZ), John Hickenlooper (D-CO), Tim Scott (R-SC), Marsha Blackburn (R-TN), Mike Braun (R-IN), and Bill Cassidy (R-LA) spearheaded the initiative. It highlights responsible financial system innovation and how financial technologies can address market inclusivity, safety, and prosperity.
“The United States is the world leader in the global financial system, but that position is a privilege, not a right,” Lummis said. “It is also a huge, often-underappreciated benefit to every American. We need to work together to bring our financial system into the 21st century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today.”
The caucus is slated to spur discussion regarding domestic and global financial technology issues, in addition to launching legislation empowering innovators, protecting consumers, and guiding regulators.
“Two of my most important jobs are keeping America safe and secure and supporting Arizona job-creation,” Sinema said. “Boosting innovation in our financial system ensures the United States remains a global economic leader while expanding job opportunities in Arizona and across the country.”