[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1600 Introduced in House (IH)]

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118th CONGRESS
  2d Session
H. RES. 1600

 Expressing the sense of the House of Representatives with respect to 
   the use of artificial intelligence in the financial services and 
                          housing industries.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 26, 2024

   Mr. McHenry (for himself and Ms. Waters) submitted the following 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House of Representatives with respect to 
   the use of artificial intelligence in the financial services and 
                          housing industries.

Whereas generative artificial intelligence (``AI'') has the potential to provide 
        significant opportunities as well as risks across the financial services 
        and housing industries;
Whereas AI is playing a significant role in the financial services and housing 
        industries and continues to be adopted in various forms;
Whereas the United States capital markets market participants are leveraging AI 
        to enhance research capabilities, market surveillance, and trading and 
        execution;
Whereas the United States housing market participants are using AI to enhance 
        underwriting, mortgage servicing, and tenant screening;
Whereas United States financial institutions are exploring the use of AI to 
        enhance customer service capabilities, expand the pool of loan 
        applicants, increase repayment rates, and decrease fraudulent payments;
Whereas United States financial firms are leveraging AI to streamline compliance 
        with the Bank Secrecy Act and sanctions laws as well as enhance 
        cybersecurity operations from evolving threats;
Whereas the use of generative AI is enhancing both employee productivity and 
        consumer experiences across the financial services and housing 
        industries;
Whereas financial institutions' growing use of AI may create financial stability 
        risks through increased herding behavior and market correlation;
Whereas the increasing use of AI may introduce vulnerabilities that could be 
        exploited by malicious actors;
Whereas the use of AI in automated decision-making may lead to biased and 
        discriminatory outcomes, and face explainability issues due to the 
        complexity and opacity of certain AI models;
Whereas small community financial institutions such as rural depository 
        institutions, minority depository institutions, and community 
        development financial institutions may lack the resources to develop, 
        train, and deploy AI models compared to larger institutions; and
Whereas financial institutions' use of AI may increase their direct and indirect 
        reliance on third-party services: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives 
that--
            (1) given the critical role of the financial and housing 
        markets, the Committee on Financial Services of the House of 
        Representatives should play a leading role in overseeing the 
        adoption of artificial intelligence (``AI'') in the financial 
        services and housing industries;
            (2) the Committee on Financial Services must ensure 
        regulators apply and enforce existing laws, including anti-
        discrimination laws, and assess regulatory gaps as market 
        participants adopt AI;
            (3) the Committee on Financial Services should ensure the 
        financial regulators have the appropriate focus and tools to 
        oversee new products and services;
            (4) the Committee on Financial Services should continue to 
        consider how to reform data privacy laws given the importance 
        of data, especially consumer data, to AI;
            (5) the Committee on Financial Services should work with 
        financial regulators to understand AI's impact on the 
        workforce; and
            (6) the Committee on Financial Services should ensure U.S. 
        global leadership on AI development and use.
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