Remittances: Reducing Costs, Increasing Competition and Broadening Access to the Market

This document details a hearing on the topic of "remittances" presented before the U.S. House of Representatives, specifically focused on reducing costs, increasing competition and broadening access to market.

The document:

• Lists the names of the people present at the hearing;
• Details speeches made by the acting Chairman of the committee and other people;
• Presents debates among people present.

The speeches focus on, respectively:

• The importance of remittances, and:
  • The competition and innovation in the remittances market;
  • The significance of providing access to safe and low-cost remittance services.
• The increase in remittances to Latin American countries, and:
  • The hidden fees included by transfer companies in the costs;
  • The need for transparency.
• The partnerships between banks and money transfer companies, and:
  • The role of the free market in lowering cost;
  • The limitations on access to finance that additional regulation on the companies could pose.
• The importance of remittances in improving living standards, and the significance of:
  • Competition in reducing costs and improving services;
  • Links between the U.S. financial system and the financial systems of recipient countries.

The paper presents debates on the importance of:

• Identification documents to crack down on illegal transactions;
• Not increasing costs for financial providers;
• Adequate regulation to fight money laundering;
• Credit unions in reaching out to immigrant populations.