The House Financial Services Committee has established a bipartisan working group to focus on the impact of artificial intelligence (AI) on the financial services and housing industries, top members of the committee announced Tuesday.
The AI Working Group will explore “the potential of this technology, particularly its introduction into the financial system” and how it can be leveraged to “foster a more inclusive financial system,” while also establishing the country as a global leader in AI. Chairman Patrick McHenry, RN.C., said in a statement.
“Rapid advances in artificial intelligence technology hold great promise for changing society and the economy for the better, but they also come with risks,” McHenry added.
This bipartisan group is a continuation of earlier AI task forces in Congress and is led by Rep. French Hill (R-Ark.), chair and ranking member of the Digital Assets, Financial Technology, and Inclusion Subcommittee. and will be led by Congressman Stephen Lynch. (Massachusetts Democratic Party).
“I am thrilled that Chairman McHenry has created a new bipartisan task force on artificial intelligence that will allow us to explore the potential of AI in our financial system while ensuring that the United States is a leader in this technology,” Hill said in a statement. I'm happy about that.”
As alarms grow about the potential impact of this technology, Lynch said he is working with colleagues to “innovate in a way that maximizes consumer safety and security, data privacy, financial fairness and safeguards. We look forward to furthering responsible AI innovation.” the stability of our financial system; ”
“The application of evolving AI technologies will be accompanied by strong federal oversight and a regulatory framework equipped to accommodate innovation and identify potential risks to U.S. consumers. “There has to be,” he added.
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