Ahead of a hearing to examine how technology is shaping the future of finance, Chairman of the House Financial Services Committee Patrick McHenry (NC-10) and Ranking Member Maxine Waters (CA-43) have introduced two bipartisan measures. These measures highlight the impact of artificial intelligence (AI) on the financial services and housing industries.
Chairman McHenry presented a resolution, cosponsored by Ranking Member Waters, acknowledging the increasing use of AI in these sectors. Additionally, Ranking Member Waters introduced a bill, with Chairman McHenry as cosponsor, directing federal financial regulators to study both current and potential benefits and risks associated with AI in financial and housing markets. These initiatives are part of the Committee’s Bipartisan AI Working Group's efforts to identify advantages and risks posed by AI technology and evaluate existing laws' impacts on its adoption.
“Artificial intelligence holds the promise to revolutionize our financial system,” said Chairman McHenry. “As firms increasingly leverage AI, lawmakers and regulators tasked with oversight of the financial services industry must constantly evaluate the risks and benefits this technology poses. These bills are a small, but critical, step forward to empower the financial system to realize the numerous benefits artificial intelligence can offer for consumers, firms, and regulators. I appreciate Ranking Member Waters for her partnership on this effort.”
“Artificial Intelligence is growing rapidly, and people across America are already seeing its use in our nation’s housing and financial services sectors, with impacts on mortgage lending, credit scoring, and more,” said Ranking Member Waters. “I am so proud to partner with Chair McHenry to introduce these two bipartisan bills, which continue the Committee's leadership in examining and understanding the impact this technology has on people. Our Committee will continue to collaborate closely with the federal government to identify the risks and benefits of AI and explore further legislation needed to protect people and our communities. I am grateful for the extensive work the Chair has done with me this Congress to build on what I and my Democratic colleagues started several years ago. I look forward to passing these bills and continuing to work in a bipartisan manner on this important issue next Congress.”
The text of H. Res. 1600 can be read here.
The text of H.R. 10262 can be read here.