Sinema, Lummis Launch Bipartisan Effort to Boost Financial Innovation, Economic Opportunity

May 25, 2021

Senators launch Financial Innovation Caucus to promote innovation, expand job opportunities

WASHINGTON – Arizona senior Senator Kyrsten Sinema and Senator Cynthia Lummis (R-WY) today launched the bipartisan U.S. Senate Financial Innovation Caucus. The Senators’ caucus aims to highlight responsible innovation in the United States financial system, and how financial technologies can boost America’s economic global standing and expand opportunities in Arizona and across the country.
“Two of my most important jobs are keeping America safe and secure and supporting Arizona job-creation. Boosting innovation in our financial system ensures the United States remains a global economic leader while expanding job opportunities in Arizona and across the country,” said Sinema.
“The United States is the world leader in the global financial system, but that position is a privilege, not a right,” Senator Lummis said. “It is also a huge, often underappreciated benefit to every American. We need to work together to bring our financial system into the 21st century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today.”

The Caucus will discuss domestic and global issues related to financial technology in the U.S. Senate, ultimately providing a natural launch-point for legislation to empower innovators, protect consumers, and guide regulators, while creating opportunities and driving U.S. financial leadership on the international stage.
The Caucus will focus on a number of issues critical to the future of banking and ensuring U.S. competitiveness on the global stage, including:

  • Responsible financial innovation
  • Distributed ledger technology (blockchain)
  • Digital assets
  • Artificial intelligence and machine learning
  • Data management
  • Consumer protection
  • Combatting money laundering
  • Faster payments
  • Central bank digital currencies
  • Promoting financial inclusion and opportunity for all