The U.S. House Financial Services Committee (FSC) has formed a new working group dedicated to examining the effects of artificial intelligence (AI) on the financial and housing sectors.
On January 11, 2024, FSC Chairs Rep. Patrick McHenry and Rep. Maxine Waters announced the establishment of the Bipartisan Artificial Intelligence Task Force. The task force aims to investigate AI's role in transforming the financial services industry, including its influence on product development, fraud prevention, compliance enhancement, and regulatory tool strengthening.
This group will also scrutinize current AI regulations and ensure that future regulations adequately balance the technology's potential advantages and risks. This initiative continues the efforts of the Artificial Intelligence Working Group from the 116th and 117th Congress.
Distinct from the NDP coalition panel formed on August 15, 2023, the FSC's AI task force is a bipartisan effort, involving both Democratic and Republican members. The task force, led by Rep. French Hill, who chairs the Subcommittee on Digital Assets, Financial Technology and Inclusion, and Rep. Stephen Lynch, includes a mix of political viewpoints.
The task force's members are Reps. McHenry, Hill, Young Kim, Mike Flood, Zach Nunn, Erin Houchin from the Republican side, and Reps. Waters, Lynch, Sylvia Garcia, Ayanna Pressley, Sean Casten, and Brittany Patterson from the Democratic side.
In line with President Joe Biden’s executive order issued on October 30, 2023, which focuses on AI's safe development and usage, the newly formed panel will assess the order's implications within the committee's scope of authority.
