Hill Delivers Remarks at Digital Assets, Financial Technology and Inclusion Subcommittee Field Hearing
Washington,
December 8, 2023 -
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a field hearing entitled “Connecting Communities: Building Innovation Ecosystems Across America.”
Watch Chairman Hill’s opening remarks here.
Read Chairman Hill’s opening remarks as delivered:
“In the House today, and in the Financial Services Committee, this is a big day, not only because we are having a hearing here in my home state of Arkansas, but it’s also the first field hearing this congress for the House Financial Services Committee.
“In my view, there is no better way to start the Committee’s field work than by examining the benefits that financial technology is bringing to communities and Americans across our country.
“As history has shown, financial innovation is the lifeblood of the United States and has been, certainly, for the past 75 years.
“As fintech continues to expand and develop, we’ve reached a critical inflection point where it is embedded in communities across the United States, including right here in Little Rock.
“In Arkansas alone, companies raised a record $201 million dollars in venture capital in 2022, an 87% jump from $107 million dollars in 2021.
“Here at the Venture Center, 40% of the companies that participated in FIS’s Fintech Accelerator in 2022 were run by women.
“This growth is impressive, and we would be remiss not to give credit to the efforts of all the witnesses sitting before us today.
“Because of Commissioner Marshall, Arkansas banks of all sizes are able to safely and successfully integrate fintech products and services into their offerings for customers.
“Because of Arthur and Joel’s collaboration, up-and-coming fintech companies like our guests’ are able to build and develop in an environment that wants them to succeed and is willing to provide the necessary guidance and resources to ensure that success.
“And lastly, but most certainly not least, because of Mr. Loganathan–and those like him–that show the benefits of fintech know no boundaries here in the United States.
“With our deep roots in fintech, including the founding of Systematics over 5 decades ago, I am proud of the fintech hub that Little Rock has become, and I am eager to share my state’s progress with my great friends and colleagues that are with me today–Mike Flood of Nebraska and Wiley Nickel from North Carolina. Also, I want to say greetings from my friend Stephen Lynch who is the ranking member of this subcommittee who is from Boston. He is hosting a cabinet member in Boston but could not be with us.
“With that, let me thank my friends for being with us, and I look forward to our witness’ testimonies.”
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