US Lawmakers Push for AI Research in Finance and Housing

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US Lawmakers Introduce Bill to Study AI’s Power in Finance and Housing

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 03, 2024

Key Takeaways

US lawmakers propose the "AI Act of 2024" to study AI’s impact on finance and housing, focusing on risks and benefits;
The bill mandates regulators like the Federal Reserve to investigate AI’s role in tackling fraud, money laundering, and more;
AI's influence is growing in finance, with new applications in market surveillance, mortgage lending, and tenant screening.

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US Lawmakers Introduce Bill to Study AI’s Power in Finance and Housing

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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.