The top Republican and Democrat on the House Financial Services Committee announced last week the formation of a bipartisan working group on artificial intelligence that will examine how the technology is impacting the industry.
What’s Happening: Rep. Patrick McHenry [R-N.C.], the chair of the committee, and Rep. Maxine Waters [D-Calif.], the committee’s ranking member, said that a goal of the group is to ensure that new regulations consider both the benefits and risks associated with artificial intelligence.
- The technology is already playing a growing role in banking and housing, in the areas of fraud prevention, compliance efficiency, and the enhancement of supervisory and regulatory tools.
Why This Matters: The use of artificial intelligence and machine learning in tools and products is growing rapidly, and it’s important to understand when the terms are being used appropriately and when they aren’t. The pace of innovation is far exceeding how quickly lawmakers and regulators can keep up and put guardrails around how the technology is being used.
- The upside — and the downside — to the technology is significant and it’s time for the federal government to take some steps toward regulating how AI is used, before it’s too late.
Members of the Group:
- Republicans: Chairman Patrick McHenry [R-N.C.], Congressman French Hill [R-Ark.], Congresswoman Young Kim [R-Calif.], Congressman Mike Flood [R-Neb.], Congressman Zach Nunn [R-Iowa], Congresswoman Erin Houchin [R-Ind.]
- Democrats: Ranking Member Maxine Waters [D-Calif.], Congressman Stephen F. Lynch [D-Mass.], Congresswoman Sylvia Garcia [D-Texas], Congresswoman Ayanna Pressley [D-Mass.], Congressman Sean Casten [D-Ill.], Congresswoman Brittany Pettersen [D-Colo.]
