Lummis Pushes Big Bank CEOs on their Resistance to Financial Innovation

September 22, 2022

Senator Calls on Institutions to Ensure FinancialCompetitiveness with China

WASHINGTON, D.C. – U.S.Senator Cynthia Lummis (R-WY) questioned chief executive officers from seven major banks in the United States in today’s Senate Banking Hearing. She focused her questions on American financial competitiveness with China and the need for American financial institutions to not be roadblocks to innovation. 

“You are well aware that America is the world financial services leader, and that is an enormous privilege for our country. It makes credit cheaper, goods and services cheaper and allows us to have economic influence across the world,” said Senator Lummis. “I am concerned that too many in the financial services industry have been lazy, and don’t fully realize the transformative pace at which the rest of the world is innovating.” 

Senator Lummis, along with Senator Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act in June of 2022. This legislation is a roadmap for federal agencies to properly regulate digital assets to make sure that consumers are protected and innovators are empowered.  

Senator Lummis’ home state of Wyoming is leading the charge in the realm of financial innovation, creating the first-of-its-kind framework for digital asset banking, including the creation of special depository institutions (SPDI) to hold digital assets and traditional currency as well as new legal procedures for the litigation of disputes dealing with digital assets and financial technologies. 

To view Senator Lummis’s questions, click here.