Bipartisan Bill Targets AI in Finance and Housing

Top lawmakers from the House Financial Services Committee, Reps. Patrick McHenry and Maxine Waters, have introduced two bipartisan measures to address the growing influence of artificial intelligence (AI) in the financial services and housing sectors. The first measure is a resolution that acknowledges the increasing use of AI, while the second bill mandates federal regulators to study its benefits and risks, particularly regarding its impact on mortgage lending, credit scoring, and data privacy. McHenry emphasized that AI could revolutionize the financial system, highlighting the need for lawmakers to evaluate both its advantages and challenges. The bills stem from the committee's Bipartisan AI Working Group and aim to ensure regulatory bodies are equipped to handle AI's implications. These initiatives come just before a scheduled hearing on AI's role in finance, marking a critical step towards understanding and managing AI's integration into these industries.