House Financial Services Committee Reauthorizes Task Forces on Financial Technology and Artificial Intelligence

Congresswoman Maxine Waters (D-Calif.), Chairwoman of the House Financial Services Committee, recently announced the reauthorization of the Committee’s  task forces on Financial Technology and Artificial Intelligence.

“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,” Waters said. “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 Task Force on Financial Technology will be led by Congressman Stephen Lynch (D-Mass.), and aims to improve the quality and use of fintech services. “This task force will continue to examine the opportunities and challenges posed by these technologies and offer insight into how Congress can help ensure Americans’ data and privacy is secure,” he said.

Congressman Bill Foster (D-Ill.) will chair the Task Force on Artificial Intelligence (AI), which aims to better understand how AI can be used to maintain the fairness and competitiveness of the financial marketplace.

“AI has the potential to help detect fraud, prevent injustice, and to break down barriers to make it easier for entrepreneurs, aspiring homeowners, and consumers to access important financial services,” Foster said. “It is crucial that we also consider how to harness these innovations to help build a financial system that is fair for all Americans.”

“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,” Waters said.

Click here for a list of all the Task Force members.