The House Committee on Financial Services leadership has created a pair of task forces designed to focus solely on financial technology (Fintech) and artificial intelligence (AI).
“As new technologies emerge and the financial services industry puts those technologies to use, Congress must make sure that responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses,” Rep. Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services, said.
The Democratic members of the Task Force on Financial Technology will examine issues, including regulating domestic and international fintech, identifying fintech lending and new inputs, assessing consumer infrastructure, and reviewing challenges to fintech data privacy.
“We are witnessing an exciting evolution in the financial services space, which will vastly improve the use and quality of services in lending, payments and money management,” Rep. Stephen Lynch (D-MA), who will chair the financial technology task force, said. “As we explore the future of financial services, this bipartisan task force will give us the opportunity to educate Congress on the opportunities and challenges posed by these technologies and what we can do to produce the best outcomes for consumers.”
Foster has been selected to Chair the Artificial Intelligence group, which will examine issues, including applications of machine learning in financial services and regulation, algorithms and big data, AI technology and combatting fraud, and the impact of automation on financial and economy jobs and services.
“Developments in AI are at the forefront of innovation that is changing the way Americans operate in the marketplace, how we think about identity security, and how we do business with financial institutions,” Foster said. “It is affecting everything from how we access our money to how we apply for mortgages and make financial investments.”