Press Release

McHenry & 1776 Host Constructive Fintech Roundtable

Members of Congress & entrepreneurs discuss regulatory challenges facing financial technology companies

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Washington, February 2, 2016 | Jeff Butler (202-225-2576) | comments

Chief Deputy Whip Patrick McHenry (NC-10), the Vice Chairman of the House Financial Services Committee joined with Washington, DC-based incubator 1776 to host a roundtable discussion between Members of Congress and fintech entrepreneurs. The discussion focused on regulatory challenges facing the fintech industry and what policy makers in Congress can do to reduce these barriers.

"Today's event provided my colleagues and I the unique opportunity to hear directly from fintech entrepreneurs about the challenges they face," said Congressman McHenry. "The companies we heard from today are revolutionizing the way we donate to charities, save for college, and shop for mortgages but Washington regulations are getting in their way. Thank you to 1776 for facilitating this constructive discussion about what can be done to reduce these barriers."

The fintech companies that joined today's discussion are all member institutions at 1776. Fintech or financial technology companies use software to provide financial services which--in the past--would have been provided by traditional financial institutions like banks or credit unions. 

Among the companies that joined today's discussion were the founders of payments platform GoodWorld which seeks to make donating to charities as simple as a tweet or Facebook post that includes '#donate,' online mortgage marketplace Myolo, and two companies--Leaf College Savings and MPOWER--which are revolutionizing the way families and students save for college. Also participating were executives from Beyonic & GradFin

Joining Congressman McHenry for today's roundtable were Congressman Carlos Curbelo (FL-26), Congresswoman Elise Stefanik (NY-21), Congressman Steve Stivers (OH-15), Congresswoman Mimi Walters (CA-45), and Congressman Kevin Yoder (KS-03).    
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