Cooley LLP reposted this
With the extraordinary political events of the weekend and Congress on a break last week, you might have missed the release of the House Financial Services Committee's Bipartisan AI Working Group Staff Report https://lnkd.in/eujwN5Et. The Report comes after several roundtable discussions with an array of stakeholders. The recommendations included in the report are: - Given the critical role of the financial and housing markets, the Committee should play a leading role in overseeing the adoption of AI in the financial services and housing industries. - The Committee must ensure regulators apply and enforce existing laws, including anti-discrimination laws, and assess regulatory gaps as market participants adopt AI. - The Committee should ensure the financial regulators have the appropriate focus and tools to oversee new products and services. - The Committee should continue to consider how to reform data privacy laws given the importance of data, especially consumer data, to AI. -The Committee should work with financial regulators to understand AI’s impact on the workforce. -The Committee should ensure U.S. global leadership on AI development and use Not much time left this year for the Committee or Congress to act on these recommendations, but the bipartisan nature of the recommendations could portend future legislative outcomes. We'll be watching and reporting. #CooleyAI
