“Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the creation of a Task Force on Artificial Intelligence chaired by Congressman Bill Foster (D-IL).  “I am excited to Chair the Financial Services Committee’s Task Force on Artificial Intelligence and I thank Chairwoman Waters for her foresight in creating this important Task Force,” Congressman Foster said. “Developments in AI are at the forefront of innovation that is changing the way Americans operate in the marketplace, how we think about identity security, and how we do business with financial institutions. It is affecting everything from how we access our money to how we apply for mortgages and make financial investments. AI has the potential to help break down barriers and make it easier for entrepreneurs, aspiring homeowners, and consumers to interact with banks and utilize financial services, but it is crucial that the application of AI to financial services contributes to an economy that is fair for all Americans. I’m looking forward to working with my colleagues to better understand how we can utilize AI to maintain the competitiveness of our nation’s financial services sector and how it translates into building a financial system that works for everyone.” “As new technologies emerge and the financial services industry puts those technologies to use, Congress must make sure that responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses,” said Chairwoman Waters. “The new task force on artificial intelligence, under the leadership of Congressman Foster, will help Congress to stay on top of new developments in this area so that we are well-positioned to make policy.”

The Task Force on Artificial Intelligence will examine issues including:

•    Applications of machine learning in financial services and regulation
•    Algorithms and Big Data: emerging risk management perspectives
•    AI, Digital Identification Technologies and Combatting Fraud
•    Automation and its impact on jobs in financial services and the overall economy.”