FEDERALhearing transcript

Senate Hearing on the Future of Financial Technology (Fintech)

Original title: EXAMINING THE FINTECH LANDSCAPE

January 1, 2017

fintech financial services banking regulation securities innovation

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The Frame

What this does

This hearing establishes the legislative focus on how new financial technologies will be regulated and integrated into the existing U.S. financial system, affecting how consumers access loans, payments, and investment services.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Financial technology companies

These companies are the subject of regulatory review and potential future oversight discussed by the committee.

Investors

Investors are impacted by the six securities bills passed by the Senate, which aim to change investor protection standards.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

The Senate Committee on Banking, Housing, and Urban Affairs held a hearing on September 12, 2017, to examine how financial technology () is changing the financial system. The committee discussed the potential for innovation in areas like digital payments, , and wealth management, while also noting the recent passage of six bipartisan securities bills.

Key Facts

The Senate passed six securities bills on September 11, 2017, aimed at economic growth and investor protections.
The hearing focused on fintech applications including marketplace lending, digital payments, digital currencies, wealth management, and insurance.
The committee received testimony from the Government Accountability Office (GAO), S&P Global Market Intelligence, and the University of Maryland.
Additional materials were submitted for the record by the Independent Community Bankers of America, the Electronic Privacy Information Center, and the Milken Institute Center for Financial Markets.

Frequently Asked Questions

What is fintech?

refers to innovative technologies used to change how financial services are provided and how the financial system operates, including digital payments, lending, and wealth management.

What were the six securities bills mentioned?

The document notes that six securities bills were passed by the Senate on September 11, 2017, to improve economic growth and investor protections, but does not list their specific titles.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Bipartisan focus on securities deregulation

The hearing highlights a specific moment in 2017 where the Senate Banking Committee successfully moved six securities bills through the chamber with bipartisan support.

Mike Crapo Sherrod Brown

Connected Entities

personLawrance L. Evans“Director, Financial Markets and Community Investment, GAO”Map →

personSherrod Brown“Ranking member of the Senate Committee on Banking, Housing, and Urban Affairs”Map →

personEric W. Turner“Financial Technology Research Analyst, S&P Global Market Intelligence”Map →

organizationSenate Committee on Banking, Housing, and Urban Affairs“The committee conducting the hearing”Map →

personMike Crapo“Chairman of the Senate Committee on Banking, Housing, and Urban Affairs”Map →

personFrank Pasquale“Professor of Law, University of Maryland”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy15
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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