U.S. Reps. Patrick McHenry (R-NC) and Maxine Waters (D-CA) introduced two measures focused on artificial intelligence (AI) in the financial services and housing sectors.
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McHenry, chairman of the House Financial Services Committee, introduced a resolution, co-sponsored by Waters, that recognizes the growing use of AI in the financial services and housing industries.
Waters, the ranking member of the committee, introduced a bill, co-sponsored by McHenry, directing federal financial regulators to examine the potential benefits and risks of AI as they relate to financial and real estate markets.
“Artificial intelligence promises to revolutionize our financial system,” McHenry said. “As businesses increasingly leverage AI, lawmakers and regulators charged with overseeing the financial services industry must continually evaluate the risks and benefits this technology presents. These bills are a small but essential step forward in making the financial system aware of the many benefits that artificial intelligence can offer consumers, businesses and regulators. I appreciate Ranking Member Waters for partnering in this effort.
These measures build on the work of the Committee’s bipartisan AI Working Group to identify the benefits and risks of the technology.
“Artificial intelligence is growing rapidly and people across the United States are already seeing its use in our nation’s housing and financial services sectors, with impacts on mortgages, credit scoring and more ” Waters said. “I am very proud to partner with Chairman McHenry to introduce these two bipartisan bills, which affirm the Committee’s leadership in examining and understanding the impact of this technology on people.
“Our committee will continue to work closely with the federal government to identify the risks and benefits of AI and to explore other legislation needed to protect people and our communities,” he continued. “I am grateful for the tremendous work the President has done with me this Congress to build on what my Democratic colleagues and I started several years ago. »