Financial Inclusion in Banking Act of 2021

Floor Speech

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Mr. DAVIDSON. Madam Speaker, financial inclusion is very important, and I appreciate the bipartisan spirit that this bill was worked through in our committee.

Frankly, not all things have moved through Congress in a bipartisan fashion this year. Frankly, it has been a little more rare than normal. And, frankly, a lot of things in our committee, they haven't been as bipartisan as we would like. This is something that has moved through our committee in that fashion.

I appreciate the work my colleagues on both sides of the aisle have put into this, and I look forward to the work that comes out of it at the CFPB.

I think, as we approach fintech today, we have the opportunity to improve financial inclusion for more people, particularly the unbanked and underbanked. But its characteristics have to be permissionless.

In the same way cash is so vital for the unbanked and underbanked, as we apply technology, it has to be where people aren't dependent upon a third party to be able to get permission to move the money that they have earned between parties. There are people who want to use the power of central bank digital currencies or other means of control in our financial system to essentially say: You are not going to bank those people, are you?

Sadly, our Nation has a history of this. So, I look forward to the work that comes as a result of this. I encourage all of my colleagues to support this bill.

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Mr. DAVIDSON. Madam Speaker, on that I demand the yeas and nays.

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