Yesterday, Congressman Bryan Steil participated in a roundtable with Deputy Secretary of the Treasury Michael Faulkender and industry leaders to discuss modernizing U.S. payment systems. The discussion was in line with President Trump's Executive Order from March 25th, aiming to transition from paper checks to electronic payments by the end of the year.
Steil emphasized the positive impact these changes could have on families in his district and mentioned Congress's efforts, including legislation on payment stablecoins. Participants also pointed out issues with the current system, such as fraudulent or improper payments, and highlighted how digital transfers and private sector expertise can aid reform.
Steil stated, "The federal government spends more than $650 million each year on outdated payment systems that lead to higher costs, delayed payments, and an increased vulnerability to fraud." He noted that for many Americans relying on Social Security or tax refunds, lost or stolen payments could result in financial hardship. He added that fraudulent payments cost the U.S. government $247 billion annually.
Faulkender remarked, "Treasury continues to explore opportunities for public-private partnerships so we can deliver faster, more secure, and more modern payment experiences for the American people while cutting hundreds of millions of dollars in unnecessary government spending." He praised Steil and the Financial Services Committee for their efforts against waste and fraud as they work towards President Trump’s agenda.
Alerts Sign-up