Patrick

United

Artificial Intelligence

Force

The United States House of Representatives Financial Services Committee (FSC) has established a bipartisan Working Group on Artificial Intelligence. <a href="https://news.todayq.com/south-korea-maintains-crypto-etf-ban-despite-us-approval/" target="_blank" rel="noopener noreferrer nofollow">FSC</a> Chairman Representative Patrick McHenry and Representative Maxine Waters announced the formation of the group on Jan. 11, 2024. This group will be exploring the profound impact of AI on the financial services and housing industries. What is the AI buzz all about? 
The newly formed group is led by Digital Assets, Financial Technology, and Inclusion Subcommittee Chairman Representative French Hill. Representative Stephen Lynch also shares this position. However, the bipartisan group comprises members from both the Republican and Democratic parties. This includes members like McHenry, Hill, Waters, Lynch, and others who are on board, creating a real diverse squad.
The worldwide <a href="https://news.todayq.com/long-and-short-positions-in-crypto-market-strategies-and-risks/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> cap stands at $1.75 trillion, showing a slight dip of 0.85% in the past day. In the last 24 hours, the overall crypto market volume hit $98.51 billion, marking an 18.47% decrease. Now, these guys intend to dig into how AI is shaking things up in finance. They’re eyeing how it affects jobs, its knack for creating cool new products, stopping sneaky fraud, making sure everyone plays by the rules, and tweaking those regulatory tools.
In their words, they want to find the sweet spot – where AI does its cool stuff without causing too much trouble. According to McHenry. “We must ensure that our regulatory framework is equipped to harness the benefits of AI while safeguarding against potential risks.”
They’re not just talking the talk, they’re also going to check out the rules already in place for using AI. This lines up with President Joe Biden’s order from October 30, 2023, which basically said, “Hey, let’s use AI, but let’s not go crazy.” Is Congress still going after crypto? 
Representative French Hill comes in, saying their group is different from others because they’re all about working together, unlike some other crew called the New Democratic Coalition. Hill adds, “Our bipartisan group is uniquely positioned to develop policies that address the challenges and opportunities presented by AI in the financial services sector.”
They’re building on the groundwork of some Task Force on Artificial Intelligence from previous Congresses. This new gang means business, showing they’re serious about getting the lowdown on how AI is shaking up finance.
Experts are giving a nod to this move. Dr. Sarah Johnson, who knows a thing or two about AI policy, says, “Finance is at a point where AI could make things really cool. But, we’ve got to be smart about it – balancing innovation with keeping things under control.”
And they’re not ignoring the elephant in the room – job concerns. Representative Stephen Lynch says they’re looking ahead, making sure folks aren’t left hanging as AI does its thing, “We must proactively assess how AI will reshape the financial services workforce and implement policies that ensure a smooth transition for workers.”
This gang is a mix of folks from different places and backgrounds, making it a real cocktail of ideas. Erin Houchin, a Republican in the group, is pumped, saying, “Our group brings together a wealth of experience and diverse viewpoints, essential for crafting effective policies that stand the test of time.”
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U.S. Congress digs into how AI is shaking up finance

Todayq News

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