U.S. Rep David Scott (D-GA) was named co-chair of the Congressional FinTech and Payments Caucus (CFTPC).
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This is Scott’s third consecutive term as co-chair. Rep. Barry Loudermilk (R-GA) was named the caucus co-chair.
“Financial innovation and fintech companies have been the driving force for progress over the past decade, improving services while empowering consumers to take control of their financial futures,” Scott said. “I am excited to work together with Congressman Loudermilk to ensure FinTech companies around America serve the needs of consumers and remain competitive on the world stage.”
Fintech, or financial technology, refers to technologies that impacts the provision of financial services. FinTech’s have enabled consumers to send and receive funds, allowed small businesses to access capital through the use of cutting-edge analytics, and improved security and financial education, among other things.
The Congressional Fintech and Payments Caucus provides a space for Members to engage in dialogue on advances in financial innovation.
Georgia boasts a strong fintech presence. The state employs nearly 40,000 fintech professionals in the state and more than 130,000 around the world.
Scott and Loudermilk co-sponsored the Fintech Act of 2019 which says federal financial regulators must harmonize, coordinate, and eliminate any duplication with any other federal regulator who would regulate fintechs.
“My home state of Georgia is a dynamic, fast-growing national leader of fintech and payment companies, and it is very important for us in Congress to be proactive and help our fintechs get prepared to safely and successfully navigate our complex, multi-faceted federal financial regulatory structure,” Scott said.