On August 23, 2019, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, outlined her fall 2019 priorities. The Committee and its task forces will continue their focus on innovation and financial technology as first outlined by Chairwoman Waters in January 2019.

In fall 2019, the Committee’s financial technology related oversight topics will include:

• conducting an ongoing review of Facebook’s proposed cryptocurrency and digital wallet; and
• receiving testimony from and questioning top government officials and regulators on financial technology related issues.

Through its two Task Force on Financial Technology and Task Force on Artificial Intelligence, the Committee will continue its work to date to encourage and regulate innovation by:

• exploring data privacy;
• examining the use of artificial intelligence in financial services; and
• reviewing the evolution of payments and cash.

Financial technology issues, especially those affecting privacy, competition, and financial inclusion, will remain at the top of the Committee’s agenda. It is unclear whether any substantive legislation will emerge from the Committee in this Congress. The work of the Committee’s task forces, however, may lay the informational foundation for future legislation.