By U.S. House Financial Services Committee
Ahead of a hearing to examine how technology is shaping the future of finance, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and Ranking Member Maxine Waters (CA-43) introduced two bipartisan measures highlighting the impact of artificial intelligence (AI) on the financial services and housing industries.
Chairman McHenry introduced a resolution, cosponsored by Ranking Member Waters, acknowledging the growing use of AI in the financial services and housing industries. In addition, Ranking Member Waters introduced a bill, cosponsored by Chairman McHenry, directing the federal financial regulators to study the present and potential benefits and risks of AI as it relates to the financial and housing markets. These measures build upon the efforts of the Committee’s Bipartisan AI Working Group to identify the advantages and risks of the technology, as well as the impacts of existing laws and regulations on its adoption.
“Artificial intelligence holds the promise to revolutionize our financial system,”said Chairman McHenry. “As firms increasingly leverage AI, lawmakers and regulators tasked with oversight of the financial services industry must constantly evaluate the risks and benefits this technology poses. These bills are a small, but critical, step forward to empower the financial system to realize the numerous benefits artificial intelligence can offer for consumers, firms, and regulators. I appreciate Ranking Member Waters for her partnership on this effort.”
“Artificial Intelligence is growing rapidly, and people across America are already seeing its use in our nation’s housing and financial services sectors, with impacts on mortgage lending, credit scoring, and more,”said Ranking Member Waters. “I am so proud to partner with Chair McHenry to introduce these two bipartisan bills, which continue the Committee’s leadership in examining and understanding the impact this technology has on people. Our Committee will continue to collaborate closely with the federal government to identify the risks and benefits of AI and to explore further legislation needed to protect people and our communities. I am grateful for the extensive work the Chair has done with me this Congress to build on what I and my Democratic colleagues started several years ago. I look forward to passing these bills and continuing to work in a bipartisan manner on this important issue next Congress.”
Read the text of H. Res. 1600 here.
Read the text of H.R. 10262 here.
“Artificial Intelligence systems are already revolutionizing every industry, including housing and finance. But AI that is unleashed without considering its inherent limitations and risks can cause very real harms to the public. Without proper safeguards, for example, AI systems could introduce bias in housing decisions in violation of individual civil rights or compromise the public’s financial privacy. Countries around the world are already developing regulations to guide trustworthy AI systems and the US should lead the way with a framework that encourages safe and efficient adoption of AI technologies.”
-Paul Coble, chair of Rose Law Group’s AI, intellectual property, and technology law departments
