U.S. House Financial Services Committee Establishes Bipartisan AI Working Group

The United States House of Representatives Financial Services Committee (FSC) has established a bipartisan Working Group on Artificial Intelligence (AI) to investigate the impact of AI in the financial services and housing industries. Chaired by Representative French Hill and Representative Stephen Lynch, the group aims to explore how AI is shaping the financial services workforce, developing new products, enhancing fraud prevention, streamlining compliance processes, and strengthening regulatory tools. The working group will also review existing regulations related to AI use and ensure that new regulations consider both potential benefits and inherent risks. This initiative aligns with President Joe Biden’s Executive Order from October 2023, emphasizing responsible AI development and use. The bipartisan approach signifies a commitment to navigating the complexities of AI and fostering its responsible integration into the financial landscape. (Source: Crypto intelligence)