Top U.S. lawmakers have introduced the "AI Act of 2024," a bill aimed at studying AI's impact on financial services and housing. Spearheaded by Congresswoman Maxine Waters and co-sponsored by House Financial Services Committee Chair Patrick McHenry, the bill mandates federal regulators like the Federal Reserve to assess AI's role in areas such as money laundering and fraud detection. The initiative underscores AI's growing influence in mortgage lending and credit scoring. This move aligns with the House Committee's Bipartisan AI Working Group, formed to explore AI's potential benefits and risks.