The top Republican and Democrat on the House Financial Services Committee have teamed on new endeavors to highlight the impact of artificial intelligence (AI) on the housing and financial services industries.
Rep. Patrick McHenry (R-NC), the committee’s chairman, has introduced a resolution cosponsored by Ranking Member Maxine Waters (D-CA) that acknowledges the growing use of AI in the housing and financial services. Water introduced a bill, cosponsored by McHenry, that would direct the federal financial regulatory agencies to study the present and potential benefits and risks of AI as it relates to the housing and financial markets.
“Artificial intelligence holds the promise to revolutionize our financial system,” said 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.”
Waters added that the committee “will continue to collaborate closely with the federal government to identify the risks and benefits of AI and to explore further legislation needed to protect people and our communities.”
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