US House's Financial Services Committee Launches Bipartisan AI Working Group
Summary:
The United States House of Representatives Financial Services Committee has established a Bipartisan Working Group on artificial intelligence (AI). Headed by prominent lawmakers, the working group will investigate AI's effects on the financial services and housing sectors while also reviewing current AI regulations. The Group, composed of both Democrats and Republicans, will evaluate the directives included in President Biden's AI-focused Executive Order.
In an effort to delve into artificial intelligence (AI) impacts on financial services and housing industries, the United States House of Representatives Financial Services Committee (FSC) has set up a dedicated working unit. Patrick McHenry, Chairman of the House Financial Services Committee, alongside Ranking Member Maxine Waters, revealed on January 11, 2024, the inception of the Bipartisan Working Group on AI. The group's remit includes studying AI's influence on the financial services sector workforce, such as generating novel products, warding off fraud, streamlining compliance, and upgrading regulatory instruments.
Both Maxine Waters and Patrick McHenry officially unveiled the establishment of the AI-focused Bipartisan Working Group through a Twitter post from the U.S. House Committee on Financial Services on the same day.
In addition to its main functions, the AI-centric Bipartisan Working Group will scrutinize existing AI-related regulations and ascertain that forthcoming regulations account for AI's prospective boons and perils. As per the announcement, these initiatives extend the previous undertakings by the Task Force on artificial intelligence during the 116th and 117th Congresses.
This new Working Group, however, deviates from the one declared by the New Democrat Coalition (NDC) on August 15, 2023. Although both entities aim at framing bipartisan policies for this nascent technology, the FSC's AI working group represents a true cross-party effort, encompassing both Democrats and Republicans.
The high-profile Bipartisan Working Group is presided over by Financial Technology and Inclusion Subcommittee Chairman French Hill and Subcommittee Ranking Member Stephen F. Lynch. The members of the Bipartisan AI Working Group are Republicans like Chairman Patrick McHenry, and Congress members French Hill, Young Kim, Mike Flood, Zach Nunn, Erin Houchin. The Democrat members are led by Ranking Member Maxine Waters and include Congress members Stephen F. Lynch, Sylvia Garcia, Ayanna Pressley, Sean Casten, and Brittany Pettersen.
Following the Executive Order centered on safe AI development and usage issued by President Biden on October 30, 2023, the Bipartisan AI Working Group will within the committee's authority evaluate the directives included in the mandate, as noted in the published statement.
Published At
1/12/2024 3:36:00 PM
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