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I. Introduction
Innovations in financial technology (fintech) have the potential to fundamentally change the
financial services industry and the wider economy. While still early in its evolution, fintech can,
for example, promote financial inclusion, expand access to capital for individuals and small
businesses, and more broadly reshape how society interacts with financial services. As fintech
continues to evolve, stakeholders in this ecosystem – including government and the private sector
– must actively participate in its development to ensure growth that maximizes value for the
consumer and for the system in a safe and sustainable manner.
Over the past eight years, this Administration has significantly increased opportunities for
entrepreneurs and made the United States one of the most innovation-friendly countries in the
world.
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Examples of this work include establishing the Open Data Initiative, which unlocked over
200,000 government datasets as raw material for entrepreneurial innovation, the America Invent
Act, which makes the U.S. patent system more efficient and responsive to innovators, and the
Jumpstart Our Business Startups (JOBS) Act of 2012, which helps small businesses and emerging
companies raise capital.
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Consistent with this broader body of work, this Administration has demonstrated a forward-leaning
approach to fintech. Executive agencies across the government – including the Department of
Commerce (Commerce), the Small Business Administration (SBA), the Department of State
(State), the Department of the Treasury (Treasury), the U.S. Agency for International Development
(USAID), and others – have engaged with stakeholders across the industry through events,
Requests for Information (RFIs), whitepapers, technical assistance and research, and informal
outreach and conversations, to better understand the industry and determine the appropriate role
for government in fintech development.
At the White House FinTech Summit in June 2016, Cabinet Secretaries and senior officials from
across the Administration engaged with stakeholders about the potential for fintech to help further
myriad policy goals, including small business access to capital, financial inclusion and health,
domestic growth, and international development. At the same event, industry and other
stakeholders conveyed the need for a framework that articulates the U.S. government’s perspective
on fintech.
This document sets forth Administration policy objectives that reflect widely-shared values and
practical expectations for the financial services sector and the U.S. government entities that interact
with the sector. It then provides ten overarching principles that constitute a framework
policymakers and regulators can use to think about, engage with, and assess the fintech ecosystem
in order to meet these policy objectives. Similarly, industry and other stakeholders can use the
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“FACT SHEET: Celebrating President Obama’s Top 10 Actions to Advance Entrepreneurship, and Announcing New Steps to
Build on These Successes,” The White House, Nov. 30, 2016,
https://www.whitehouse.gov/the-press-office/2016/11/30/fact-
sheet-celebrating-president-obamas-top-10-actions-advance. See also, “FACT SHEET: Harnessing the Possibilities of Science,
Technology, and Innovation,” The White House, Oct. 13, 2016, https://www.whitehouse.gov/the-press-office/2016/10/13/fact-
sheet-harnessing-possibilities-science-technology-and-innovation.
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“FACT SHEET: Harnessing the Possibilities of Science, Technology, and Innovation,” The White House.