Bipartisan AI Group Established by House Financial Services Committee
The House Financial Services Committee recently announced the formation of a bipartisan working group dedicated to examining the impact of artificial intelligence (AI) on the financial and housing sectors. This initiative was unveiled on Tuesday by the committee’s leading members.
Chaired by Patrick McHenry (R-N.C.), the team aims to delve into the potential applications of AI within the financial sector and investigate ways to leverage the technology to create a more inclusive financial system. The group also intends to position the United States as a global leader in AI advancements.
McHenry emphasized the dual nature of AI’s rapid development, acknowledging its potential to significantly improve society and the economy, while also recognizing the associated risks.
This new working group is an extension of previous AI-focused task forces in past Congresses. It will be co-led by the chair and ranking member of the Digital Assets, Financial Technology and Inclusion Subcommittee, Reps. French Hill (R-Ark.) and Stephen Lynch (D-Mass.), respectively.
Hill expressed his satisfaction with the formation of the working group, highlighting its role in exploring AI’s potential within the financial system and ensuring the U.S.’s leadership in AI technology.
Lynch, noting the increasing concerns surrounding AI technology, stated his eagerness to collaborate with colleagues to promote responsible AI innovation. This effort aims to prioritize consumer safety, data privacy, financial equity, and the stability of the financial system.
Lynch further noted the necessity of a robust federal oversight and regulatory framework that adapts to innovation while identifying potential risks to American consumers.
