U.S. Congress Launches Task Forces for Fintech, AI

The U.S. House Financial Services Committee has unanimously adopted two resolutions establishing task forces for fintech and artificial intelligence.

The Task Force on Financial Technology will examine issues including “the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech,” the committee stated. The chair of the task force will be Rep. Stephen Lynch (D-MA).

“The lives of American consumers are changing dramatically, with much of traditional banking activity now being conducted digitally on mobile devices,” Lynch said on Twitter. “Congress must ensure that this innovation also comes with basic protections for Americans’ private financial information and for the integrity of the American financial system that is the envy of the world.”

The Task Force on Artificial Intelligence will tackle topics including “the impact of automation and machine learning and how companies and consumers can use AI to improve their lives,” the committee stated. The chair of this task force will be Rep. Bill Foster (D-IL).

“[I]t is crucial that the application of AI to financial services contributes to an economy that is fair for all Americans,” Foster said in a release. “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.”