Obama’s Economic Policy Advisors Strategizes With Fintech Industry Players

By June 13, 2016Bitcoin Business

President Barack Obama’s economic policy staff recently met with stakeholders across the fintech ecosystem to discuss how fintech can support economic policy, Adrienne Harris, special assistant to the President of economic policy, noted in a White House blog .

The attendees included policy makers, fintech startups and investors. The meeting addressed cybersecurity, ways to manage small business, ways to help developing nations’ economies, helping consumers and managing big data. Government-Fintech Industry Partnership Needed

Penny Pritzker, Secretary of Commerce, moderated a panel on how government can help ensure that innovators have the resources to develop products and services that strengthen the country’s economic competitiveness.

Panelists weighed in on how startups and financial companies are working together to develop scale and innovation. They also discussed the role government should play in making sure such partnerships reach their potential.

The U.S. Treasury Department and the Small Business Administration discussed the intersection of small and medium business enterprises and fintech. Small business creates about two thirds of net new jobs every year in the U.S. and employs more than half of all U.S. workers. However, these small companies historically have less access to capital to help them manage operations and expand.

The panel explored how financial service innovations can help entrepreneurs benefit from marketplace lending, payment processing systems to help with inventory management, and accounting, protection against fraud and cybersecurity tools that protect businesses and customers. How Big Data Impacts Civil Rights

A recent report on the intersection of big data and civil rights indicated financial data can assist in preventing fraud, as well as help customers manage financial business and support access to credit for underserved communities. Such opportunities bring consumers risks, such as privacy and civil rights risks.

Roy Austin, Deputy Assistant to the President for Urban Affairs, Justice and Opportunity, noted the report’s recommendations […]

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