Federal policymakers should foster an environment where financial services firms can responsibly adopt the benefits of artificial intelligence and ensure that regulations do not impede small firms from adopting AI tools, according to a report released this week by the Bipartisan House AI Task Force.
The congressional report includes recommendations for AI-related policy across government and various segments of the private sector. In the area of financial services, the task force noted that AI “presents an opportunity to transform” the sector, although small financial services firms can be at a disadvantage in AI adoption. It also found that data quality and data security “are paramount in financial service AI models,” and that policy must not ignore the potential risks of the technology.
“Congress and financial regulators must ensure that financial service regulations take into account the potential benefits and risks associated with the use of various AI technologies to protect consumers and maintain market integrity,” according to the report.
In addition to fostering a regulatory environment that encourages AI adoption, the task force encouraged regulators to increase their expertise with AI, called for maintaining consumer and investor protections in the use of the technology, and urged policymakers to weigh the merits of regulatory “sandboxes” that would allow regulators to experiment with AI applications.
