On November 30, 2016, tech policy coalition Financial Innovation Now (FIN) publicly called for President-elect Donald J. Trump to commit to the promotion of new FinTech solutions for America’s financial services. The call for action was made in a letter sent to Trump’s transition team and published on the coalition’s website. In addition to congratulating Trump on his electoral victory, FIN noted that the incoming President’s promise of change and lifetime of business experience could place him in a unique position to “make America great at innovating in financial services and growing these jobs here at home.”
In the letter, the group called for a strategy that emphasized the growth of FinTech employment in the United States, and an emphasis on promoting financial services innovation and competition. FIN ‘s recommendations include the appointment of regulators who appreciate the potential benefits of new technologies, the promotion of open and interoperable payment security standards, an effort to empower consumer account access, and a streamlining of lending laws to improve small companies’ access to capital via internet-based systems.
Other recommendations include an effort to ensure that payment networks can offer real-time capabilities that are secure and reasonably-priced, and the promotion of mobile financial solutions that can serve America’s unbanked and underbanked communities. Finally, FIN encourages Trump’s new administration to appoint a Treasury Undersecretary for Technology to help create the vision and strategy needed to achieve these goals.