In a recent press release, a bipartisan congressional working group has been announced to investigate the impact of artificial intelligence (AI) on the financial services and housing industries. Led by Chairman Patrick McHenry and Ranking Member Maxine Waters, the Working Group on Artificial Intelligence (AI) aims to assess how AI technology affects various aspects of these industries.
The group will delve into the development of new products and services, fraud prevention, compliance, supervisory and regulatory tools, as well as the workforce within the financial services sector. Additionally, it will analyze existing and future regulations to determine how they can address both the potential benefits and risks associated with AI.
With the rise of AI technology, Chairman McHenry expressed the importance of exploring its potential within the financial system and leveraging it to create a more inclusive financial landscape. The aim is not only to establish the United States as a world leader in AI development but also to ensure that the adoption of AI does not perpetuate historic inequities in the financial services and housing markets, as pointed out by Ranking Member Waters.
The working group will be helmed by Chairman French Hill and Subcommittee Ranking Member Stephen F. Lynch. Comprising an equal number of Republicans and Democrats, the group continues the work initiated by the Task Force on Artificial Intelligence in previous Congresses.
This initiative aligns with a growing recognition of the vulnerabilities posed by AI in financial services. In its annual report, the Financial Stability Oversight Council referred to the use of AI as a potential emerging threat for the first time. To address these concerns, President Joe Biden issued an executive order that emphasizes safe AI development and the establishment of standards and tests to ensure the security and trustworthiness of AI systems.
By forming this bipartisan working group, Congress aims to proactively study and regulate AI technology, safeguarding consumers from potential harm or abuse while harnessing its advantages to shape a more inclusive and resilient financial system.
The source of the article is from the blog scimag.news