The COVID-19 pandemic and economic crises exposed the weaknesses of our financial system’s digital infrastructure, and its implications for Americans’ financial health and security. These gaps make it more difficult for low-income families and households of color in particular to build long-term financial health and overcome systemic economic barriers.

We have an opportunity to develop systems that work better for all.

With the start of a new year, a new Congress, and a new administration in the U.S. we have an opportunity to develop systems that work better for all people. Steps we take now to address the underlying digital infrastructure can have a long-term impact on the entire financial system.

This report provides recommendations in six key areas:

1. 

   Real-time payments

2. The credit system
3. Digital identity
4. Regulatory system
5. Financial data infrastructure
6. Central bank digital currency

These recommendations include changes to existing laws, policies, systems, and procedures that can be made within the year 2021, and suggestions for innovative pilots or steps towards longer term implementation.

This report was prepared by the Beeck Center for Social Impact + Innovation at Georgetown University in partnership with Flourish Ventures. It is informed by a series of conversations hosted by the Brookings Institute, FinRegLab, Financial Health Network, the Beeck Center, the Alliance for Innovative Regulation and the Digital Dollar Project in the fall of 2020 on how to strengthen the digital infrastructure for finance in the United States.

• Read the Full Report and References

• Read the Summary of Recommendations