U.S. Rep Bill Foster, D-Naperville, will be the chairman the newly created Task Force on Artificial Intelligence in the House of Representatives.
Rep. Maxine Waters, D-California, the chairwoman of the House Committee on Financial Services, announced the creation of the task force last week, according to a news release.
“Developments in AI are at the forefront of innovation that is changing the way Americans operate in the marketplace, how we think about identity and security, and how we do business with financial institutions,” Foster said. “It is affecting everything from how we access our money to how we apply for mortgages and make financial investments.”
Foster said he thinks AI has the potential to help break down barriers and make it easier for entrepreneurs, aspiring homeowners and consumers to interact with banks and utilize financial services. But he wanted to see AI contribute to the economy in a way fair for all Americans.
“I’m looking forward to working with my colleagues to better understand how we can utilize AI to maintain the competitiveness of our nation’s financial services sector and how it translates into building a financial system that works for everyone,” Foster said.
The Task Force on Artificial Intelligence will examine issues such as the application of machine learning, digital identification technologies, combating fraud, automation and its influence on the job market in the overall economy.