The US Congress is set to investigate the impact of AI on financial services.
The Financial Services Committee (FSC) of the United States House of Representatives has established a task force to examine the impact of artificial intelligence (AI) in the financial services and housing industries.
FSC Chair, Representative Patrick McHenry and Representative Maxine Waters announced the establishment of a Bipartisan Working Group on Artificial Intelligence on January 11, 2024. The group is researching how the workforce affects financial services, including creating new products, preventing fraud, and improving financial services. Compliance and improvement of control tools.
#BREAKING: Member @RepMaxineWaters, Chair @PatrickMcHenry Announce Creation of Bipartisan Working Group on Artificial Intelligence | pic.twitter.com/D7UNzbHva5
— US House Financial Services Committee (@FSCDems) January 11, 2024
The group will review current regulations regarding the use of AI and new regulations will consider both the potential benefits and risks of AI. According to the announcement, this effort is based on the work done by the Task Force on Artificial Intelligence in the 116th and 117th Congresses.
The new body will be separated from the members of the New Democratic Coalition announced on August 15, 2023. While both share the same goal of enacting bipartisan policies to address this emerging technology, the FSC AI Working Group is bipartisan, involving both Democrats and Republicans.
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The Chair of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, Representative Frances Hill and Representative Stephen Lynch will lead the bipartisan group.
Members of the group include McHenry, Hill and Reps. Young Kim, Mike Flood, Zach Nunn and Republican Erin Hutchins.
Democrats include Waters, Lynch and Reps. Sylvia Garcia, Ayanna Pressley, Sean Caston and Brittany Peterson.
On October 30, 2023, President Joe Biden issued an executive order focusing on the safe development and use of AI. According to the press release, the new team will review the directives from the executive order under the authority of the committee.
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