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Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence led by Digital Assets Subcommittee Chairman Bryan Steil (WI-01) is holding a hearing to examine the current financial technology landscape and how these products fit within the U.S. financial system and regulatory framework.

Read Subcommittee Chairman Steil’s opening remarks as prepared for delivery:

"Technology continues to revolutionize our financial system, from payments to newer applications like earned wage access.

"Digitization, cryptography, and artificial intelligence give consumers faster, cheaper payments, flexible access to earned income, and new ways to manage everyday purchases.

"These innovations have the potential to improve Americans’ financial well-being by making their day-to-day finances more practical, predictable, and affordable.

"Historically, workers were paid when they earned wages, yet today many workers in our economy go home with their earnings.

"Holding an employee’s pay until the end of a payroll cycle is a relatively modern practice.

"Earned Wage Access helps restore this link between work and pay by allowing workers the flexibility to access their wages as they earn them.

"This flexibility can help families deal with unexpected expenses –from medical bills to car repairs—or simply pay recurring bills timelier.

"By providing timely access to earned income, EWA can help Americans achieve their financial goals and help businesses improve worker satisfaction, retention, and overall productivity.

"Importantly, innovations like EWA and Buy Now Pay Later options often coexist and intertwine with traditional financial institutions.

"Banks and other lenders are vital partners with FinTechs, providing liquidity and credit as well as access to infrastructure like payment rails.

"These partnerships provide more efficiency and options for consumers and create new products to enhance competition.

"Our financial institutions also can benefit from partnering with FinTech companies by enhancing their offerings and allowing small and community institutions to deploy cutting-edge tools.

"As we explore the benefits of FinTech innovation, we must make sure that our regulatory framework is fit for purpose.

"A well-functioning framework for FinTech should focus on the risks posed by specific activities, not the identity or business model of the provider.

"FinTech products that meet consumer demand and improve Americans’ financial lives should have clear, practical legal pathways for operation and strong consumer protections.

"By supporting thoughtful and balanced regulations, we can encourage innovation while ensuring customer protection and promoting financial well-being for American households and businesses alike.

"Today’s hearing will inform these efforts, and I thank our witnesses for their testimony."