Financial Institutions and Consumer Credit Subcommittee Chairman Blaine Luetkemeyer (MO-03) held a hearing entitled “Examining Opportunities for Financial Markets in the Digital Era.” Chairman Luetkemeyer welcomed a panel of witnesses who discussed many issues including the recently released Fintech report from the Department of Treasury and Chairman Luetkemeyer’s data security bill that passed the committee this month. 

“I thank the witnesses for their valuable insight into the fintech landscape and approaches to a smart and sufficient regulatory regime. The pace of technological development in financial services has increased exponentially and dramatically, offering both benefits and potential challenges to the U.S. economy and consumers,” said Chairman Luetkemeyer. “We can’t address innovation and growth without addressing the security of that data. I’m glad the July Treasury report made that a priority. The Department has clearly outlined the need for a single federal data security and notification standard that raises the bar for all industries and ensures a better outcome for all consumers. Outdated and problematic regulations need to be overhauled, and growth must be monitored but not unnecessarily slowed.”

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