According to Cointelegraph, U.S. lawmakers have introduced a bill requiring federal regulators to study the impact of artificial intelligence on the financial services and housing industries.
The bill introduced by Congresswoman Maxine Waters, co-sponsored by House Financial Services Committee Chairman Patrick McHenry, would require federal financial regulators to study the existing and potential benefits and risks of AI in both industries.
Under Waters' proposed "AI Act of 2024," key regulators such as the Federal Reserve and the Federal Deposit Insurance Corporation would be required to report on how banks use AI to detect and prevent money laundering, cybercrime and fraud.
McHenry said the bills are an important step toward advancing the financial system to realize the many benefits that AI can bring, and suggested considering reforming privacy laws to accommodate AI-driven trends in data use.
Waters and McHenry's measure builds on the House committee's bipartisan AI working group, which was established on January 11, 2024 and includes both Republican and Democratic lawmakers.