Monica De La Cruz

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Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, today, I rise in support of H.R. 8278, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, or the FUTURES Act. This bipartisan, commonsense measure addresses a real challenge. As technology evolves at unprecedented speed and banks and financial firms adopt new tools, do our financial regulators have the technology and expertise they need to keep pace? I am proud to support the FUTURES Act, led by Representatives Marlin Stutzman and Bill Foster, which takes important steps toward modernizing our Federal financial regulatory agencies. The FUTURES Act provides Congress with a comprehensive view of the roadblocks hindering our supervisors' ability to effectively regulate and supervise their financial institutions. It does so by providing Congress with a clear picture of the technology regulators currently use, where critical gaps exist, and what barriers stand in the way of closing those gaps. If our regulators and supervisors cannot keep pace with a constantly evolving market, there is a legitimate risk to both financial market stability and the broader economy. We must equip agencies with the tools they need to effectively oversee the ever-changing landscape of global finance. A crucial first step in doing so is to remove roadblocks, outdated agency practices, procurement barriers, and needless bureaucracy that slows the adoption of cutting-edge supervisory technology. The FUTURES Act would identify and address these roadblocks and help enable more effective, realtime oversight of markets and institutions. This is a critical step to create a more transparent and efficient supervisory environment for financial institutions and market participants of all sizes. The bill also takes a look at whether agencies can recruit, train, and retain the technical experts needed to meet their missions. Just as we hold our financial institutions to rigorous standards on cybersecurity and vendor oversight, we should equip our regulators to meet the same high bars. I look forward to the insights this bill will generate and how they will guide future engagement to improve supervision across the Federal financial system. I supported this bipartisan, commonsense bill last Congress and during our committee markup in May, and I am pleased to do so today. All of my colleagues at the Financial Services Committee supported this bill, and I urge the rest of my colleagues in the House to join us in passing this important bipartisan bill. Mr. Speaker, I thank Mr. Stutzman and Mr. Foster for their leadership, and I reserve the balance of my time.