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NEWS White House favours FinTech
Senior Editor Scott Thompson
The White House released a whitepaper, A Framework for FinTech, expressing its “forward-leaning posture to innovation and entrepreneurship, generally, and FinTech in particular.”
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This followed on from the White House FinTech Summit in June 2016, where Cabinet Secretaries and senior officials from across the Obama Administration engaged with stakeholders about the potential for FinTech to further such policy goals as small business access to capital, financial inclusion and health, domestic growth, and international development. The document lays out 10 principles, which, for example, encourage stakeholders to start with the consumer in mind, promote safe financial inclusion and financial health, build in cybersecurity, data security and privacy protections and protect financial security.
A blog post by Adrienne Harris, a Special Assistant to the President for Economic Policy, and Alex Zerden, a Presidential Management Fellow, notes that significant work remains. “The United States should continue developing a policy strategy that helps advance FinTech and the broader financial services sector, achieve policy objectives where financial services play an integral role, and maintain a robust competitive advantage in the technology and financial services sectors to promote broad-based economic growth at home and abroad,” it stresses. “Additionally, policymakers, regulators, and the private sector should continue engaging with one another to foster innovation in FinTech while protecting consumers and the financial system. This whitepaper is both a product of ongoing public-private cooperation and a roadmap for future collaboration. As the FinTech ecosystem continues
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hortly before the Trump inauguration,
to evolve, this statement of principles should serve as a resource to guide the development of smart, pragmatic, and innovative cross-sector engagement.”
Stateside reaction
Peter Dugas, Managing Director of Government Affairs, FIS: “In 2016, the Obama Administration published nearly 100,000 pages of regulations. The recent report by the National Economic Council lays out the outgoing Administration’s record on fostering innovation and how they would like to see the Trump Administration approach the complex public policy questions identified in the report. It should be applauded for raising the level of discourse on the integration of technology, Big Data and financial services, however, I would have liked the Obama Administration to take more concrete steps over the last eight years to support FinTech by reducing the regulatory burdens placed on the industry.
I expect the Trump Administration to significantly reduce the regulatory burden on the financial services industry, especially within the FinTech space. With the involvement of people like Peter Thiel in the approach the new Administration will take on technology, I am optimistic that the financial services sector will have more capacity to develop innovative products and services that address market needs. Although there are potential challenges involved in reforms to the Dodd-Frank Act enacted into law, there are other ways for the Trump Administration to amend, postpone, withdraw or reverse existing and proposed agency rules that impact the development of FinTech. It has already
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