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July 23, 2024, 5:07 p.m.
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Patrick McHenry Emphasizes Need for AI Regulation in Financial Services

House Financial Services Committee Chairman, Patrick McHenry, has highlighted the financial services industry as an important area for regulating artificial intelligence (AI). During a hearing on AI applications in financial services and housing, McHenry emphasized that the heavily regulated industry can serve as a starting point for policymakers to address the complex issues AI presents. He acknowledged the advancements in generative AI and urged lawmakers not to rush legislation, emphasizing the importance of getting it right. McHenry also called for regulators to be prepared to meet the demands of this new technology and suggested examining the current regulations to determine if clarification or targeted legislation is necessary to address any regulatory gaps.

Recognizing that AI is becoming more integrated into everyday life, McHenry emphasized the need for the United States to remain at the forefront of technological innovation and not allow foreign competitors or adversaries to dictate development and usage terms. This committee hearing followed the release of a report by the AI Working Group, which explored AI's impact on finance and outlined its potential benefits, such as expanded credit access and fraud protection, while also addressing challenges like data privacy, algorithmic bias, and legal compliance. Bank executives are also concerned about the risks associated with misinformation and data breaches as AI gains traction in the financial services sector.



Brief news summary

The financial services industry is a crucial field for regulation of artificial intelligence (AI), according to House Financial Services Committee Chairman Patrick McHenry. In a recent hearing, McHenry highlighted the need to address the complex questions posed by AI, particularly the advancements in generative AI. He urged lawmakers to approach legislation carefully and adapt regulations to this technology. McHenry emphasized the importance of embracing AI, as it becomes more integrated into our lives. However, he cautioned against letting foreign competitors take the lead in AI development. The House Financial Services Committee's AI Working Group released a report recognizing the potential benefits of AI in finance, such as expanding credit access and improving customer service, while acknowledging concerns about data privacy and bias. Banking executives are also worried about financial misinformation and data security breaches as AI adoption increases in the sector.
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