Congress Introduces Resolution on Financial Innovation

A bipartisan resolution submitted in the U.S. House of Representatives encourages embracing new financial technologies and innovation, with the goal of improving consumers’ lives and financial literacy.

H.Res. 835, as it is formally known, calls for the United States to “adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

While the resolution does not explicitly mention bitcoin by name, it does praise “emerging payment options, including alternative non-fiat currencies,” stating that they improving security through increased transparency.

The resolution includes blockchain technology in the list of emerging financial innovations, stating that it “has the potential to fundamentally change the manner in which trust and security are established in online transactions,” and highlighting its potential applications in payments, healthcare, energy, and intellectual property management.

Additional aspects of fintech and innovation that the resolution discusses include applications of mobile devices and broadband access to financial products, identity theft protection, and the role of financial technology in “creating new opportunities” for the underbanked.

The resolution is co-sponsored by Rep. Adam Kinzinger (R-IL), and Rep. Tony Cardenas (D-CA), and was introduced July 14, 2016. While the resolution would be non-binding, it hopefully illustrates a growing acceptance of and enthusiasm for bitcoin and blockchain technologies on Capitol Hill. Full text may be found here.

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