The impact of AI in financial services will gain a renewed focus on Capitol Hill.
There has been an AI task force on the House Financial Services Committee for some time but we learned late last week that a new bipartisan working group on AI has been formed.
This new working group will look at how AI is affecting the development of new products and services, fraud prevention, compliance efficiency and the enhancement of supervisory and regulatory tools. It will also look at how AI may impact the financial services workforce.
The working group will officially be part of the Digital Assets, Financial Technology and Inclusion subcommittee and will have 12 members.
AI is going to impact most areas of finance so it is good that legislators recognize the importance of being up to speed here. The government is not known for moving fast and will face an uphill battle to get ahead of this incredibly fast-moving space.
Led by Congressmen French Hill and Stephen F. Lynch, the council will explore how artificial intelligence is influencing the development of new products and services, fraud prevention and other areas across the financial services and housing industries.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.