Press Releases

WASHINGTON, D.C. – Rep. French Hill (R-AR), member of the AI Task Force in the House, today released the following statement after the AI Task Force released its report on Artificial Intelligence (AI), which includes guiding principles and policy proposals to ensure the responsible use of AI while tackling the concerns of the rapidly advancing technology.

“The report released today by AI Task Force Co-Chairs, Rep. Jay Obernolte (R-CA) and Rep. Ted Lieu (D-CA) reflects the immense amount of work by the members and staff to develop guiding principles and policy proposals to ensure that American government, businesses, and households can reap the benefits of responsible AI while managing and ameliorating the many known and possible concerns.

“There is no doubt that the use of AI can make both the public and private sectors more efficient and effective. In the financial services industry, the use of AI can result in greater fraud detection and prevention, enhanced and streamlined customer service, and less costly back-office operations.

“In my view, two guiding principles should guide adoption. First, there should be a ‘human in the loop’ when using AI enhanced technology. Second, private sector firms should disclose and document how AI is being utilized when using AI in a customer facing or back-office efficiency activity. Company management should be able to ‘show their work’ and certify to their internal and external compliance officials that they are in full compliance with U.S. laws and regulations.

“The benefits of AI are immense, and the private and public sectors should have the flexibility to safely and soundly experiment with AI and enhance performance on behalf of our nation’s citizens. That is why Senator Mike Rounds (R-SD), Senator Martin Heinrich (D-NM), Rep. Ritchie Torres (D-NY), and I introduced the AI Innovation in Financial Services Act, which establishes regulatory sandboxes for AI experimentation at various financial government agencies.

“The AI Task Force’s report discusses justifiable concerns about American individual privacy, as well as the vulnerabilities faced by Americans when confronted by illicit or fraudulent uses of AI. It is critical that both the public and private sectors provide enhanced training and education about the scrutiny necessary to avoid illegal or manipulative confrontations, such as deep fakes, confusing results because of hallucinations and cyber theft. As we have consistently documented in the House Financial Services Committee, I believe we need a nationwide privacy law that facilitates consumers protecting their own Personally Identifiable Information (PII) and their right to own and control their own data.”

To read the full report, please visit HERE.