CCAGW Urges Ohio Senate Financial Institutions and Technology Committee to Support SB 249 | Council For Citizens Against Government Waste

CCAGW Urges Ohio Senate Financial Institutions and Technology Committee to Support SB 249

State Action

December 6, 2021

The Honorable Steve Wilson
Chairman
Senate Financial Institutions and Technology Committee
Ohio Senate
1 Capitol Square

Columbus, Ohio 43215

Dear Chairman Wilson,

On behalf of the 124,099 members and supporters of the Council for Citizens Against Government Waste (CCAGW) in Ohio, I urge you to support SB 249, which would create a regulatory sandbox in Ohio.  This legislation will allow for greater innovation and competition in the state’s financial technology sector.

Regulatory sandboxes have been established in Arizona, Florida, Kentucky, Nevada, South Dakota, Utah, Vermont, West Virginia, and Wyoming and countries around the world.  These innovative programs give businesses relief from burdensome regulations to “test innovative products, services, business models and delivery mechanisms.”  Since the world’s first regulatory sandbox was established by the United Kingdom’s Financial Conduct Authority in 2015, there has been a 40 percent reduction in authorization times, and 80 percent of “successfully tested” businesses remain in operation.  If Ohio cuts its red tape, the state’s financial services industry will get similar relief.

SB 249 will open the door to greater innovation in Ohio by allowing pioneers to test their “novel financial product” without the burdensome restrictions that would normally create a barrier to entry.  The bill’s two-year sandbox period provides ample time to give consumers the opportunity to use these new products.  It should also increase the number of companies willing to move to Ohio to take advantage of the less burdensome regulations and increased opportunity.

Once again, CCAGW urges you to support SB 249 to provide a win for Ohio businesses and consumers alike by increasing competition and choice through the adoption of a regulatory sandbox for financial technology.

Sincerely,
Tom Schatz
President, CCAGW

CC: Members Senate Financial Institutions and Technology Committee

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