May 29, 2024
FSC's New Bipartisan AI Group Tackles Emerging Technology Challenges

FSC Creates Task Force to Examine AI in Financial Services

The Financial Services Committee (FSC) of the United States House of Representatives has established a working group dedicated to exploring the implications of artificial intelligence (AI) in the financial services and housing sectors. On January 11, 2024, FSC Chairman Representative Patrick McHenry and Representative Maxine Waters jointly declared the formation of the bipartisan Working Group on Artificial Intelligence.

This group is tasked with scrutinizing the impact of AI on the workforce within financial services, encompassing aspects such as the development of new products, fraud prevention, improved compliance, and enhanced regulatory tools. The Bipartisan Working Group on AI will also conduct a thorough review of existing regulations governing AI usage, ensuring that any new regulations take into account both the potential benefits and risks associated with AI.

The initiative is described as an extension of the efforts made by the Task Force on artificial intelligence during the 116th and 117th Congresses. However, it is distinct from the New Democrat Coalition (NDC) Working Group announced on August 15, 2023. While both groups share the common objective of formulating bipartisan policies for addressing this emerging technology, the FSC’s AI working group is truly bipartisan, involving members from both the Democratic and Republican parties. Subcommittee Chairman French Hill and Subcommittee Ranking Member Stephen F. Lynch, from the Digital Assets, Financial Technology, and Inclusion Subcommittee, are leading the bipartisan working group on AI.

The members of the Bipartisan AI Working Group from the Republican Party include Chairman Patrick McHenry, Congressman French Hill, Congresswoman Young Kim, Congressman Mike Flood, Congressman Zach Nunn, and Congresswoman Erin Houchin. On the Democratic side, the members are Ranking Member Maxine Waters, Congressman Stephen F. Lynch, Congresswoman Sylvia Garcia, Congresswoman Ayanna Pressley, Congressman Sean Casten, and Congresswoman Brittany Pettersen.

President Biden’s Executive Order on October 30, 2023, emphasized the secure development and use of AI. The bipartisan AI Working Group, as per the announcement, will evaluate the directives outlined in the Executive Order within the committee’s jurisdiction.

Image by freepik

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