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Georgia General Assembly Passes FinTech Industry Resolution 883
Committee Established to Study Impact and Needs of Local $30+B Payments Industry
March 24, 2016 (ATLANTA) – The Georgia General Assembly created a FinTech study committee on its final day of the 2016 session, that will evaluate the impact, needs and future of an industry that employs more than 30,000 people in the state. Final House passage of Senate Resolution 883 confirmed the creation of a Joint Study Committee on Industry Incentives for Financial Technologies and the Payment Processing Industry.
The resolution is the result of American Transaction Processors Coalition (ATPC), member-company, and partner efforts to educate the Georgia General Assembly about the industry the past two years. The most-recent activity included a briefing to the Georgia House and Senate Economic Development and Tourism Committees less than two weeks into the 2016 session. H. West Richards, ATPC Executive Director, and four industry executives informed legislators about how the payments process works, and what this vital Georgia industry needs to succeed in the future. The ATPC and their partners sought creation of a study committee to address these needs, much like what was done with the film industry a few years ago, which generated $6B for the Georgia economy last year, representing a 500 percent increase from 2008.
“Georgia’s payments industry processes more than 70 percent of all U.S. debit, credit and gift card swipes, yet few Georgia elected leaders understood Transaction Alley’s significance prior to last legislative session,” said ATPC Executive Director, H. West Richards. “We are the bona fide American leader in this increasingly global industry, but our work has helped Georgia leaders understand other regions and countries will take that mantle without increased investment in talent and R&D.”
ATPC Executive Director H. West Richards further stated, “Our organization commends Sen. Beach for his early understanding of the impact our 90 FinTech companies have by processing 85 billion global transactions annually, and thank him for the leadership in making this committee a reality. This study committee provides a timely and necessary public and private partnership opportunity to evaluate our industry, Georgia’s workforce and economic development needs, and the policy prescriptions required to protect and grow a sector that means so much to this state.”
The resolution passed with a vote of 161-4 in the House of Representatives on “Sine Die” after a quick motion by Rep. Scott Turner and the strong support of House Speaker David Ralston. Sen. Brandon Beach and Rep. Ron Stephens, chairmen of their respective Economic Development and Tourism Committees were early and active champions of this effort throughout the 2016 legislative session.
Lt. Gov. Casey Cagle and House Speaker Ralston will appoint members to the study committee in the coming months.