Congressman Francisco "Quico" Canseco (TX-23), a member of the House Financial Services Committee, issued the following statement regarding the Financial Institutions Subcommittee hearing on mobile payments:
"Today the Financial Institutions Subcommittee of the House Financial Services Committee held a hearing to examine the proper role of federal regulation in the growing mobile payment industry. Witnesses at the hearing included representatives from the Federal Reserve and the Financial Crimes Enforcement Network (FinCen)."
"Mobile payments have already become the most significant development in consumer payment methods since the shift from personal checks to debit cards. With over 90% of Americans owning cell phones -- and roughly one third of these being smartphones -- more Americans are becoming reliant on electronic devices to pay for groceries, gas, or other products. While these transactions are extremely convenient for consumers, there are potential concerns over the security of personal information and the future of regulation for such payments."
"Today we examined the proper role of federal regulation in the mobile payment market. Since there are already many long standing laws on the books regarding protection of personal information and measures to prevent fraud, we must ensure that we do not add regulation in a way that stifles innovation and investment within the industry. Achieving the twin goals of adequate regulation and private market incentives will be a top priority for our committee."
"I look forward to our committee's continued work in this area so that we can foster a safe and innovative mobile payment industry for American consumers."