In a new report, a bipartisan working group formed by the House Financial Services Committee said the committee should “play a leading role” in overseeing the adoption of artificial intelligence technologies in the financial services and housing sectors.
The working group was formed in January to study AI use cases across the financial services and housing industries, “including the range of benefits and risks the technology poses, and the hurdles to adopting the technology,” according to the committee staff report. The group consisted of 12 committee members from both parties, and it conducted six roundtables over the year exploring various aspects of the technology. The group recommended that the committee take point on AI issues in finance and housing. Among other things, its members suggested that the committee ensure regulators apply and enforce existing laws, including anti-discrimination laws, and assess regulatory gaps as market participants adopt AI.
“Some agencies stated that they did not need federal legislation from Congress to manage the unique challenges related to the deployment of AI,” according to the report. “Other agencies indicated that legislation could be helpful. Certain agencies indicated legislative gaps could appear as AI becomes more widely adopted and sophisticated.”
The task force recommended that the House Financial Services Committee ensure financial regulators have “the appropriate focus and tools” to oversee new AI-related services and products. It also recommended the committee continue to reform data privacy laws given the importance of consumer data for AI, and that it should work with financial regulators to understand AI’s effects on the workforce.
