Today, the House Financial Services Committee is holding a hearing on Artificial Intelligence (AI).
Entitled From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services, the following individuals are testifying:
- Jeanette Manfra, Vice President and Global Head of Risk & Compliance, Google Cloud
- Tal Cohen, President, Nasdaq
- Nicholas Stevens, Vice President of Product, Senior Director, AI & Engineering, Zillow
- Wendi Whitmore, Chief Security Intelligence Officer, Palo Alto Networks
- Joshua Branch, Big Tech Accountability Advocate, Public Citizen
The affiliated legislation that may impact AI is listed below:
- H.R. 4801, the Unleashing AI Innovation in Financial Services Act (Hill): This bill creates regulatory sandboxes for AI test projects at financial regulatory agencies. The bill directs regulatory agencies to establish AI Innovation Labs to allow regulated entities to experiment with AI test projects without unnecessary or unduly burdensome regulation or expectation of enforcement actions.
- H.R. 2152, the Artificial Intelligence Practices, Logistics, Actions, and Necessities (PLAN) Act (Nunn): This bill requires the Secretary of the Treasury, the Secretary of Homeland Security, and the Secretary of Commerce to develop a strategy to defend against the economic and national security risks posed by the use of artificial intelligence Page 2 of 2 in the commission of financial crimes, including fraud and the dissemination of misinformation.
- H.R. 1734, the Preventing Deep Fake Scams Act (Pettersen): This bill establishes a task force to examine AI in the financial services sector, including both the potential benefits of the technology for financial institutions and the unique risks it poses to customer account security.
- H. Res. ___, Expressing the sense of the House of Representatives with respect to the use of artificial intelligence in the financial services and housing industries. (Steil): This discussion draft expresses support for the use of artificial intelligence in the financial services and housing industries.
- H.R. ___, the Artificial Intelligence Innovation Sandbox Information Generation and Harmonization of Testing Act (AI INSIGHT) Act: This discussion draft requires the Secretary of the Treasury to conduct a study on best practices for data sharing in regulatory sandboxes focused on the use of artificial intelligence tools in financial services.
- H.R. ___, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act (Stutzman): This discussion draft requires financial regulators to assess the challenges and risks resulting from their outdated supervisory technologies.