The House Committee is Considering AI Frameworks for Financial Sector

The US House is examining the risks of some AI applications to the financial sector and evaluating which regulatory Frameworks would work on current discriminatory trends or which new AI Frameworks would be required. AI is being used in the financial sector. Now the US House Committee is looking at how the government can ensure that the AI is use is safe and ethical.

The House Financial Services’ Task Force on Artificial Intelligence is looking examining the existing AI Frameworks. AI into financial sector is been examined as the federal regulators are focused in seeking study on topics such as risks and potential need for new regulation for AI into financial sector.

The task force will seek perspectives from academicians, groups in the financial services, software industry, and non-profit organizations. These participants are called for scrutinising the use of AI into financial sector, checking its performance, safety, and ethical use.The President and CEO of non-profit EqualAI, Miriam Vogel also recommended the need of diverse groups for innovating and regulating the use of AI into the financial sector.

He stated that, suggestions and viewpoints from a variety of groups will prove beneficial fill the gaps and innovate AI in financial sector in a better way. Collective blind spots identified in the AI algorithms will be more helpful to ensure safe and ethical use of AI, he said. The task force will seek perspectives from academicians, groups in the financial services, software industry, and non-profit organizations