Rep. Hill's Opening Statement at Facebook Cryptocurrency Hearing

Washington, July 17, 2019
  Congressman Hill delivers his opening remarks at Wednesday's Financial Services hearing examining Facebook's proposed cryptocurrency, "Libra."

WASHINGTON, D.C. — Today, Congressman French Hill (AR-02), Ranking Member of the House Financial Services Financial Technology (FinTech) Task force and House Financial Services Artificial Intelligence (AI) Task Force, delivered the following opening statement at a House Financial Services Committee hearing titled “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System”:

“This timely hearing touches on critical areas of jurisdiction within our Committee: FinTech innovation, oversight questions related to the use and trading of cryptocurrencies, and the intersections of financial services and 'Big Data'.

“We therefore must ensure that we are asking thoughtful questions as we learn about and analyze these rapidly emerging trends.

“As a former community banker, I understand the importance [of] appropriate regulation and balance to benefit the American consumer.

“And as lawmakers, we all need to ensure that all the companies that operate here in America, with American consumers are in full compliance of those laws. 

“America is evolving into a digital era, and we need to make sure we are asking the right questions. I urge my colleagues to do that, but always, trust but verify.”


The live webcast of today's House Financial Services Committee hearing can be viewed HERE. 

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