Today, Congressman David Scott (GA-13) was named co-chair of the bipartisan Congressional FinTech and Payments Caucus (CFTPC) for the 116th Congress and for the third consecutive term. As one of the original founders of the Congressional FinTech and Payments Caucus (CFTPC), Congressman Scott is proud to welcome fellow Georgia Congressman Barry Loudermilk (GA-11) as a new caucus co-chair.
“Financial innovation and fintech companies have been the driving force for progress over the past decade, improving services while empowering consumers to take control of their financial futures,” said Congressman Scott. “I am excited to work together with Congressman Loudermilk to ensure FinTech companies around America serve the needs of consumers and remain competitive on the world stage.”
Fintech, short for “financial technology,” broadly comprises new financial technologies or the innovative use of existing technologies that impacts the provision of financial services. The use of new or innovative technologies has enabled consumers to send and receive funds with ease, allowed small businesses to access needed growth capital through the use of cutting-edge analytics, and empowered consumers to take control of their financial futures through improved security and financial education.
Since its inception, the bipartisan Congressional Fintech and Payments Caucus has served an important role in Congress, providing a valuable space for Members to engage in thoughtful dialogue on advances in financial innovation.
Congressman Scott’s home state of Georgia has long been at the forefront of this movement, boasting a strong fintech presence that employs nearly 40,000 professionals in the state and more than 130,000 around the world.