The United States House of Representatives Financial Services Committee (FSC) has initiated a working group on artificial intelligence (AI) to delve into the impact of AI on the financial services and housing sectors. The announcement was made by the House Financial Services Committee Chairman, Patrick McHenry, and Ranking Member Maxine Waters on Jan. 11, 2024.
The Bipartisan Working Group on AI is tasked with investigating how AI influences the financial services workforce, including the creation of new products, fraud prevention, compliance improvement, and the enhancement of regulatory tools. The group will also scrutinize existing regulations on AI usage and ensure that new regulations take into account both the potential benefits and risks of AI.
This initiative builds on the work of the Task Force on artificial intelligence in the 116th and 117th Congresses. However, it is distinct from the New Democrat Coalition (NDC) announced on Aug. 15, 2023. Although both groups aim to develop bipartisan policies to address this emerging technology, the FSC’s AI working group is bipartisan, involving both democrats and republicans.
The Bipartisan AI Working Group is led by Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill and Subcommittee Ranking Member Stephen F. Lynch. The group comprises 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 the safe development and use of AI. The bipartisan AI Working Group will assess the directives from the Executive Order within the committee’s jurisdiction.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Young Kim, French Hill, Stephen F. Lynch, Maxine Waters, Patrick McHenry |
| Companies | Digital Assets, Financial Technology and Inclusion Subcommittee, United States House of Representatives Financial Services Committee, New Democrat Coalition |
| Currencies | None |
| Securities | None |
