US Congress to scrutinize AI’s impact on financial services

    2024.01.12 | exchangesranking | 144onlookers

    The United States House of Representatives Financial Services Committee (FSC) has formed a working group on artificial intelligence (AI) to explore the impact of AI in the financial services and housing industries.

    FSC Chairman, Representative Patrick McHenry and Representative Maxine Waters announced the formation of the bipartisan Working Group on Artificial Intelligence on Jan. 11, 2024. The group is to examine how AI affects the financial services workforce, including creating new products, preventing fraud, improving compliance and enhancing regulatory tools.

    The group will also review current regulations on AI use and ensure that new regulations consider both AI’s potential benefits and risks. According to the announcement, this effort builds on the work of the Task Force on Artificial Intelligence in the 116th and 117th Congresses.

    However, this new Working Group differs from that of the New Democrat Coalition (NDC) announced on Aug. 15, 2023. While they both share the similar goal of developing bipartisan policies to address this emerging technology, the FSC’s AI working group is bipartisan, involving both democrats and republicans.

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    Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill and Subcommittee Ranking Member Stephen F. Lynch lead the bipartisan Working Group.

    The Bipartisan AI Working Group members are Republicans: Chairman Patrick McHenry, Congressman French Hill, Congresswoman Young Kim, Congressman Mike Flood, Congressman Zach Nunn, and Congresswoman Erin Houchin.

    The Democrats include Ranking Member Maxine Waters, Congressman Stephen F. Lynch, Congresswoman Sylvia Garcia, Congresswoman Ayanna Pressley, Congressman Sean Casten, and Congresswoman Brittany Pettersen.

    On October 30, 2023, President Biden issued an Executive Order focusing on AI’s safe development and use. According to the announcement, the bipartisan AI Working Group will assess the directives from the Executive Order within the committee’s jurisdiction.

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