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A new legislative initiative in the United States aims to explore the effects of artificial intelligence (AI) on the finance and housing sectors.
The proposed bill, led by Congresswoman Maxine Waters, calls for federal regulators to investigate the benefits and risks AI brings to these sectors. This effort is supported by House Financial Services Committee Chair, Patrick McHenry, who co-sponsored the bill.
The bill, titled the “AI Act of 2024”, mandates federal agencies, such as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, to conduct studies on AI’s current and potential applications.
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On December 2, the House Financial Services Committee issued a statement revealing that Waters and McHenry had worked together to recognize the growing role of AI in both the financial and housing markets.
A primary focus of the proposed legislation is understanding how banks use AI to combat issues like money laundering, cybercrime, and fraud.
Waters emphasized the urgency of developing a framework for regulating AI, particularly as it begins to influence areas like mortgage lending and credit scoring. The bill aims to ensure these technologies are properly monitored and understood.
AI is already making waves in financial services, with its influence expanding to market surveillance and tenant screening, as noted in McHenry’s resolution. He stressed that the proposed measures are just a first step in realizing the many benefits AI could offer to consumers, financial institutions, and regulatory bodies.
As AI continues to shape industries like finance and housing, its potential for revolutionizing healthcare is also making waves. A breakthrough AI wearable is giving stroke patients the ability to regain their words and emotions—could this technology change the future of rehabilitation? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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