Finance, housing sectors ripe for AI regulation: Congressional committee

Housing and high finance are the two sectors of the economy where government regulation of artificial intelligence (AI) is most needed, a House Financial Services Committee working group has concluded after a series of meetings with industry players.

The working group said the committee should “play a leading role in overseeing the adoption of A.I. in the financial services and housing industries” in a new report.

The report is from the House Financial Services’ 12-member AI working group, which launched in January and includes both Democrats and Republicans. The lead authors of the report are committee Chair Patrick McHenry (R-N.C.) and ranking member Maxine Waters (D-Calif.).

It paints a picture of AI as becoming infused within numerous financial subsectors and stitched into the transactional fabric of the economy.