Press Releases

WASHINGTON, D.C. —  Today, Bloomberg Law previewed the work of Congressman French Hill (AR-02) as the Ranking Member of the House Financial Services Committee Task Force on Artificial Intelligence (AI) and the Task Force on Financial Technology (FinTech).

The article highlights the goals of the task forces, which includes holding virtual field hearings featuring technologists, entrepreneurs, and other stakeholders from across the country. Congressman Hill described the mission of the two Task Forces as "establishing federal legislative and regulatory approaches that will foster innovation for both disruptive innovators and incumbent financial players, with the ultimate beneficiary being the American consumer."

The full article is copied below.

 

House Financial Services A.I. Task Force Mulls Virtual Hearings
Bloomberg Law
By Lydia Beyoud
June 21, 2019


A House task force on artificial intelligence has some high tech plans of its own.

The task force hopes to mix traditional hearings with virtual field hearings featuring technologists, entrepreneurs and other experts from across the country. Don’t expect the focus to be on C Suite executives, either.

“My goal in this is not so much to drag in the CEOs and get viral video moments” but instead to talk to the people a few levels down into an organizational chart, Rep. Bill Foster (D-Ill.), the A.I. task force chairman, told Bloomberg Law.

The task force is still reviewing House hearing rules and other logistical steps to determine whether it can proceed with virtual field hearings. If successful, it could even mean members hold task force hearings while back home in their districts, with witnesses across the country.

The A.I. task force wants to hear from “deep thinkers” in smaller tech and financial hubs around the country, from Atlanta to Chicago to Little Rock, Ark. to Salt Lake City, Foster and his A.I. task force ranking member Rep. French Hill (R-Ark.) told Bloomberg Law. The goal is to get input from people who work with technology every day on policies that can help consumers navigate the “technological tsunami” occurring in financial services, Foster said. 

Financial Inclusion

Financial inclusion is a top priority for the A.I. task force, and for a parallel task force on financial technology, chaired by Rep. Stephen Lynch (D-Mass) and Rep. Hill as ranking member. That panel will focus on lending, payments and money management. House Financial Services Committee Chairman Maxine Waters (D-Calif.) formed the task forces in May with support from committee Republicans.

Foster’s task force will be confined to Capitol Hill for its first hearing June 26, a table-setting hearing focused on leading trends in A.I. technology, their ethical implications and regulatory issues.

Down the road, the panel will explore the potential for bias in A.I.-based loan underwriting, and whether or not companies can adequately explain the outcomes of credit denials when the technology is used.

“We’re going to do a deep dive into the sources and the mechanisms for eliminating bias in AI algorithms,” Foster said. 

Real Impact

Foster said the task force will also expire cybersecurity threats and the privacy implications of malicious uses of A.I.

It also may look at the future of work in the financial services industry, with companies and individuals adapting to machines performing jobs from bank tellers to high-speed trading.

“You have to really focus on things that are going to be important to people,” Foster said.

Hearings are the first step in a longer legislative process, both Hill and Foster said. Both parties are looking for areas of consensus for policy changes, studies, or statutory work. That will likely come after the first round of the task forces expires on Dec. 9.

“On paper, this task force has an expiration in December,” Hill said. The panels will have to assess where they are later in the year to decide whether they’re ready to make policy recommendations to the committee’s leaders, he said.

Foster said his goal is to come up with a set of bipartisan proposals “where we can realistically get something passed by the Senate.”