Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee, has announced the reauthorization of the Financial Technology [Fintech] and Artificial Intelligence [AI] Task Forces for the 117th Congress. These two Task Forces are relatively new having emerged in the 116th Congress in 2019. The two entities seek to provide a forum for innovation in financial services.
Once again, Congressman Stephen Lynch will chair the Fintech Task Force and Congressman Bill Foster will chair the Task Force on AI.
Chairwoman Waters issued the following statement:
“I am very pleased to announce that our Task Forces on Financial Technology and Artificial Intelligence will continue their work examining emerging technologies in the financial services and housing industry. These Task Forces will investigate whether these technologies are serving the needs of consumers, investors, small businesses, and the American public, which is needed especially as we recover from the COVID-19 pandemic. I will reiterate that Congress must promote responsible innovation, as well as ensure that regulators are able to properly oversee this rapidly changing environment. The continuation of the Task Force on Financial Technology, led by Congressman Lynch, and the Task Force on Artificial Intelligence, led by Congressman Foster, will allow Congress to be aware of all cutting-edge developments in our space. Furthermore, the hearings and legislation from these Task Forces will make sure policy can keep up with the changes to our financial services, and do its part to make sure technology is not being used to discriminate or exacerbate existing biases under the guise of innovation.”
Members of the Task Forces will include both Republic and Democrat Representatives.
Currently, no meetings have been scheduled.