Every Regulator Gets a Piece of Fintech Under Lawmaker’s Plan
- Representative McHenry calls for committee to oversee fintech
- Policy makers under pressure to create rules for industry
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One lawmaker has a solution for which U.S. regulator should take the lead on fintech firms -- all of them.
Representative Patrick McHenry plans to introduce legislation this week that would call for each financial regulator to create an in-house office to deal with start-ups that provide financial services as well as new technologies used by banks. The measure would also require a separate committee to monitor those offices and promote collaboration among the agencies.