On Thursday, a group of MPs from both parties declared that they would form a “Working Group” focused on artificial intelligence (AI).
Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, along with Financial Services Committee Chair Patrick McHenry (R-N.C.), announced the launch of the group.
According to the release, the AI Working Group will investigate how artificial intelligence (AI) is influencing the financial services and housing sectors. This will include how businesses use the technology for decision-making, the creation of new products, fraud prevention, compliance, and workforce effects.
Waters said in the announcement that she is proud to announce the formation of this bipartisan working group on artificial intelligence. She has long urged Congress and this Committee to act swiftly in examining the ways in which this technology may use data reflecting underlying bias or discrimination to embed historical inequities in the financial services and housing markets.
French Hill (R-Ark.) as chair of the Financial Technology and Inclusion Subcommittee and Stephen Lynch (D-Mass.) as ranking member will lead the group.
The group’s goals are to assess current AI regulations and discuss how Congress can guarantee that any new rules take into account both the possible advantages and disadvantages of AI.
According to Waters, she is excited to continue the work she started on the previous AI task force and is ready to meet with colleagues on both sides of the aisle to discuss the advantages and risks of AI in order to make sure that consumers are adequately protected from harm or abuse and that this technology does not advance beyond our capacity to regulate it.
According to McHenry, the group’s goal is to educate its members on the hazards associated with the rapidly developing AI technology, which has the potential to drastically improve society and the economy. His goal is to “chart a thoughtful course” for AI development in the nation.
The committee was established in response to President Biden’s executive order, which was signed in October and focused on addressing the risks associated with developing technologies.
