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Homepage > News > Business > US introduces bill demanding reports on AI in finance, housing United States lawmakers in the House of Representatives have introduced a bipartisan bill requiring federal regulators to study how artificial intelligence (AI) impacts the financial services and housing industries. The bill, to be known as either the “Analysis and Improvement Act of 2024” or the “AI Act of 2024,” was co-sponsored by Representatives of the House Financial Services Committee ranking member Maxine Waters (D-CA) and Chair Patrick McHenry (R-NC). It would direct federal financial regulators to study the present and potential benefits and risks of AI in the two sectors.  Waters and McHenry have been frequent sparring partners when it comes to oversight and regulation of the digital asset space, particularly with regard to the role of the Securities and Exchange Commission (SEC), but have also demonstrated a willingness to put differences aside and compromise in order to get legislation passed. As well as the AI Act, the pair co-sponsored a resolution acknowledging the increasing use of AI in the finance and housing markets, and stating that the technology has “the potential to provide significant opportunities as well as risks across the financial services and housing industries.” Under the AI Act of 2024, introduced on December 2, key regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), would have to produce a report on the potential risks and benefits of AI, how banking institutions use AI, and how they implement AI to detect and deter money laundering, cybercrime, and fraud. The report, which the named institutions would have 180 days to produce, must also include recommendations that facilitate the responsible adoption of AI within the financial services industry. “Artificial intelligence holds the promise to revolutionize our financial system,” said McHenry. “As firms increasingly leverage AI, lawmakers and regulators tasked with oversight…

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Filed under: News - @ December 5, 2024 4:24 pm