Steil Joins Deputy Secretary Faulkender for Roundtable on Modernization of U.S. Payment Systems
Washington, DC – Yesterday, Congressman Bryan Steil (WI-01) joined Deputy Secretary of the Treasury Michael Faulkender and industry leaders at a roundtable to discuss the modernization of payments to and from America’s bank account, consistent with President Trump’s March 25th Executive Order. During the meeting, Steil and Faulkender highlighted the federal government’s efforts to shift from paper checks to electronic payments by the end of this year, the benefits of digital payment options like traditional electronic fund transfers and stablecoins, and future advancements in delivering U.S. payments.
Steil focused his remarks on how these reforms will benefit families in his district and the work Congress is doing to support financial modernization efforts, including advancing legislation on payment stablecoins. Other attendees highlighted the flaws within the current, antiquated system, including billions of dollars in fraudulent or improper payments, the advantages of digital transfers, and how private sector expertise can help drive reforms that benefit the American people.
“The federal government spends more than $650 million each year on outdated payment systems that lead to higher costs, delayed payments, and an increased vulnerability to fraud,” said Steil. “For hard working families or seniors who rely on a Social Security check or tax refund, a lost or stolen payment can mean the difference between paying rent and utilities on time or facing costly penalties. For the U.S. government these fraudulent payments represent $247 billion in avoidable losses. President Trump and the Department of Treasury’s reforms to these outdated systems can help prevent fraud and provide meaningful support for American families.”
“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. I commend Congressman Steil and the Financial Services Committee for their ongoing work to help root out waste, fraud, and abuse as we strive to enact President Trump’s agenda to protect hardworking Americans,” said Faulkender.