WASHINGTON–Rep. Maxine Waters (D-CA) is calling for a hearing on how banks and other financial firms are using artificial intelligence.
“Waters is worried about AI’s effects on consumers,” the New York Times reported. “The top-ranked Democrat on the House Financial Services Committee urged the panel to investigate how the technology is enabling financial services companies to ‘make complex consumer and investment decisions with minimal human direction’.”
In particular, Waters pointed to the explosion in usage of generative AI-powered chatbots like ChatGPT, Microsoft Bing’s AI feature and Google’s Bard, as issues that need to be explored further.
‘Outpacing Congress’
“The speed at which AI is being developed can potentially outpace Congress’ and regulators’ roles in fully assessing and understanding the harms of AI systems and the ability to put in place integral consumer and investor protections,” Waters wrote in a letter.
Waters’ concerns may have some “traction” across the aisle, the report notes, pointing out that House Financial Services Committee Chairman Patrick McHenry (R-NC) has also expressed privacy-related concerns related to AI.
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