U.S. House Financial Services Committee holds first field hearing in Little Rock
LITTLE ROCK, Ark. – The U.S. House Financial Services Committee held its first field hearing Friday, choosing Little Rock as the destination.
The purpose of the hearing was to highlight the financial technology in Arkansas and how to grow financial hubs across the country.
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Rep. French Hill (R-AR 2nd) said he chose to have it in Little Rock because of the Venture Center, located downtown.
The Venture Center is an entrepreneur support organization that helps entrepreneurs and startups become high-growth businesses. Hill said it has been crucial in helping technology innovators and local businesses across the state.
Hill and the two other members in the meeting Friday heard from state business leaders about the status of financial technology in Arkansas.
“We have a long, rich, deep history of financial success, strong baking industry, economic development, and I’m so proud to highlight that here in Arkansas today,” Arkansas Bank Commissioner Susannah Marshall said. “I think this hearing brought together critical thinkers that each have a role to play in how the financial services industry and financial technology industry work together to help truly bring better products and services to consumers.”
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Hill said this conversation helped create more of a discussion nationwide about how to expand the reach of places like the Venture Center. Before his time in Congress, Hill served as Chairman of the Little Rock Chamber of Commerce. During that time, he said he dreamed of a riskier outlook for development in central Arkansas. He said now, he sees that with the Venture Center.
“I said we ought to have more investment capital, more investment in startups, which raises the risk profile of the city, but it increases the growth rate and faster growth means higher paying jobs more jobs to create that dynamism you see in Austin, Texas or Nashville, Tennessee,” Hill said.
The congressman said he and other representatives are focusing on legislation that regulates cryptocurrencies and digital assets so people can use them safely and innovate on blockchains.
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Other sets of bills are said to open up investment opportunities for people. Additionally, Hill said they are also looking at legislation to ensure tax policies spur innovation rather than hold it back.
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