The U.S. House of Representatives Financial Services Committee (FSC) has announced the formation of a bipartisan Working Group on Artificial Intelligence (AI), aimed at exploring AI's influence in the financial services and housing industries. The announcement, made on January 11, 2024, by FSC Chairman Representative Patrick McHenry and Representative Maxine Waters, represents a significant step towards understanding and regulating AI's role in these sectors.
The group will focus on various aspects, including how AI affects the financial services workforce, the creation of new products, fraud prevention, compliance improvement, and the enhancement of regulatory tools. This effort continues the work of the Task Force on Artificial Intelligence from the 116th and 117th Congresses.
Members of the new body come from both political parties, ensuring a bipartisan approach. The group will review current regulations on AI use and propose updates considering AI’s potential benefits and risks.
This initiative is particularly relevant in the context of President Joe Biden's Executive Order issued on October 30, 2023, focusing on the safe development and use of AI. The Working Group will assess the directives of this Executive Order within their jurisdiction.
The formation of this group underlines the growing importance of AI in the financial services sector and the need for appropriate regulatory frameworks to harness its potential while mitigating risks.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
