The Representation Committee for Financial Services has created mission forces to study economic and artificial intelligence.
The Financial Technology Working Group will examine issues related to fintech and large data, including review of data privacy challenges, Rep Maxine Waters, D-Calif., Chairman of the Committee, said Thursday in a statement. The Artificial Intelligence Working Group will study applications of machine learning in financial services and regulation. emerging risk management perspective related to algorithms and large data; AI, digital identification technology and the fight against fraud and automation and its impact on financial services and the overall economy.
"When emerging technologies emerge and the finance industry's industry uses this technology, Congress must ensure that responsible innovation is encouraged and that regulators and law adapt to the changing landscape to best protect consumers, investors and small businesses," Rep. Waters in the statement.
Rep. Stephen Lynch, D-Mass., Will Lead the Economic Technology Working Group, and Rep. Bill Foster, D-Ill., Will Lead the Artificial Intelligence Working Group.