A new legislative initiative in the United States aims explore the effects of artificial intelligence (AI) in the financial and real estate sectors.
He proposed billheaded by Congresswoman Maxine Aguascalls on federal regulators to investigate the benefits and risks that AI brings to these sectors. This effort is supported by the Chairman of the House Financial Services Committee, Patrick McHenrywho co-sponsored the bill.
The bill, titled “AI Act of 2024”mandates federal agenciessuch as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Conduct studies on current and potential applications of AI..
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On December 2, the House Financial Services Committee issued a statement revealing that Waters and McHenry had worked together to recognize the growing role of AI in both the financial and real estate markets.
A primary goal of the proposed legislation is to understand How banks use AI to combat problems like money laundering, cybercrime and fraud.
Waters emphasized The urgency of developing a framework to regulate AI.particularly when it starts to influence areas such as mortgage lending and credit scoring. The bill aims to ensure that these technologies are properly monitored and understood.
AI is already making waves in financial services, and its influence is expanding to market surveillance and tenant selection, as noted in the McHenry resolution. He stressed that the proposed measures are only a first step in realizing the many benefits that AI could offer consumers, financial institutions and regulators.
As AI continues to shape industries like finance and housing, its potential to revolutionize healthcare is also making waves. An innovative AI-enabled wearable device is giving stroke patients the ability to reclaim their words and emotions. Could this technology change the future of rehabilitation? Read the full story.
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