According to Cointelegraph, the United States House of Representatives Financial Services Committee (FSC) formed a working group on artificial intelligence (AI). The team is expected to explore the impact of AI in the financial services and housing industries.
Sources revealed that Patrick McHenry, Representative, FSC Chairman, and Maxine Waters, Representative, announced the formation of the bipartisan Working Group on Artificial Intelligence on January 11, 2024. The group is expected to examine how AI affects the financial services workforce. It is believed that this will include creating new products, preventing fraud, improving compliance and enhancing regulatory tools.
The group will also review current regulations on AI use and ensure that new regulations consider both AI’s potential benefits and risks. With insights from the announcement, this effort builds on the work of the Task Force on Artificial Intelligence in the 116th and 117th Congresses, added Cointelegraph.
Furthermore, the new group can also assess the directives from the Executive Order within the committee’s jurisdiction, concluded Cointelegraph.
(With insights from Cointelegraph)