WASHINGTON, D.C. — Today, Congresswoman Young Kim (CA-40) questioned witnesses during a House Financial Services Committee hearing titled “Strengthening the American Economy,” highlighting her work to protect Americans’ hard-earned money from fraud, expand investment in affordable housing and keep the United States at the forefront of financial innovation.
Rep. Kim raised concerns about the growing threat of check and wire fraud in America, pointing to a recent case where fraudsters stole property tax checks from roughly 150 California residents. She discussed her STOP Payments Fraud Act, which would give financial institutions greater flexibility to identify suspicious transactions and stop Americans’ money from falling into the hands of bad actors.
She also highlighted her Community Investment and Prosperity Act, now law, which allows financial institutions to invest more in affordable housing and community development. Finally, Rep. Kim examined how stablecoins and emerging payment technologies can help American businesses settle transactions more efficiently while reinforcing the U.S. dollar’s role at the center of the global financial system.
Watch Rep. Kim’s remarks HERE.
