US lawmakers urge Senate to pass FIT21 encryption bill before election

Outgoing Republican Congressman Patrick McHenry is pressuring the Senate to pass the FIT21 encryption regulation bill before the November presidential election. On May 22, the "21st Century Financial Innovation and Technology Act" (FIT21) was passed by the House of Representatives with 71 Democrats and 208 Republicans in favor. The Chairman of the House Financial Services Committee, who will retire from Congress in January next year, told Bloomberg's "Balance of Power" magazine on May 30: "This should sound the alarm for the Senate, they need to continue to deal with this matter."