White House Unveils FinTech Framework for U.S.

On January 13th, the White House National Economic Council (NEC) published a white paper entitled "A Framework for FinTech", outlining their principles for policy on financial innovation. "This white paper expresses the forward-leaning posture of this Administration to innovation and entrepreneurship, generally, and fintech in particular," NEC says.

The framework is a result of the discussions held at the White House Fintech Summit in June 2016, where "Cabinet Secretaries and senior officials from across the Administration engaged with stakeholders about the potential for fintech to further myriad policy goals."

The white paper provides ten overarching principles for policymakers, regulators, industry participants and other stakeholders to consider.

This white paper is also a product of ongoing public-private cooperation and a road map for future collaboration, according to the NEC, which also noted that "significant work" remains. "As the fintech ecosystem continues to evolve, this statement of principles should serve as a resource to guide the development of smart, pragmatic, and innovative cross-sector engagement."

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