The US Department of the Treasury released a report examining the barriers to financial technology and innovation in the United States. The recommendations are designed to cut red tape and foster newer experimentation through technology. Further, the report called for increased consumer data protection and notification guidelines for national data breaches in response to President Trump’s Executive Order 13772.
“American innovation is a cornerstone of a healthy U.S. economy. Creating a regulatory environment that supports responsible innovation is crucial for economic growth and success, particularly in the financial sector,” said Secretary Steven T. Mnuchin. “America is a leader in innovation. We must keep pace with industry changes and encourage financial ingenuity to foster the nation’s vibrant financial services and technology sectors.”
The 149-page report, the first official outline of the Trump administration's goals for reshaping the financial sector, mostly calls for rolling back the new powers Congress gave to regulatory agencies in response to the financial crisis. The report discusses inconsistencies in laws and financial regulations, as well as increased improvements for non bank financials, financial technology and digital innovation.