Press Releases

Rep. Barry Loudermilk (R-GA) issued the following statement after he was chosen to serve as a co-chair of the Congressional Fintech and Payments Caucus (CFTPC) for the 116th Congress:

“Several years ago, I led an effort in the Georgia state legislature to study how Georgia could incentivize and grow its technology sector. As a result of this comprehensive study, along with several years of pro-growth policies emerging from the state capitol, Georgia has become a global economic force, especially in the financial technology [fintech] sector.

"Today, because of Georgia’s flourishing fintech industry, more than two-thirds of all electronic transactions in the United States are processed by a Georgia-based payments company. Georgia fintech and payments companies employ nearly 40,000 professionals in our state, and more than 130,000 around the world. In just two years, the number of these companies in Georgia has grown nearly 40 percent, earning Georgia the nicknames, ‘Transaction Alley’ and the ‘Silicon Valley of the South.’ A major reason for this success is the business-friendly environment of our state, and it’s been noticed, as Georgia has repeatedly been named the number one state to do business.

"Just as I was able to help grow Georgia’s technology sector as a state legislator, I will continue to promote pro-growth policies at the federal level through this bipartisan caucus. With over 30 years in the IT sector, I am grateful for the opportunity to continue to use my experience in such an exciting and innovative field.”

Rep. Loudermilk will be serving alongside Rep. David Scott (D-GA) and two other co-chairs, yet to be selected.

Background:

The CFTPC is co-chaired by two Republican and two Democrat members of the House who work to ensure the positive growth of the fintech and payments processing industries. Georgia-based payments processing companies are responsible for processing more than two-thirds of United States electronic transactions, which equates to more than 57 billion transactions every year. Georgia fintech and payments companies generate annual revenues of more than $72 billion and employ nearly 40,000 professionals in the state. The CFTPC provides members of Congress with an opportunity to better understand these technologies and support this important part of Georgia’s growing economy.