Overview

• The bipartisan Working Group on Artificial Intelligence (AI) will explore the impact of AI on the financial services and housing industries, investigating how the technology affects the development of new products and services, fraud prevention, compliance, supervisory and regulatory tools, and the workforce.
• The group will examine how both existing and future regulations might address the potential benefits and risks associated with AI.
• The working group will be led by Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill and Subcommittee Ranking Member Stephen F. Lynch.
• The group is a continuation of earlier AI task forces in previous Congresses.
• In December, the Financial Stability Oversight Council identified the use of AI in financial services as a vulnerability in the financial system.