H.Res. 1007 — Expressing the sense of the House of Representatives with respect to the use of artificial intelligence in the financial services and housing industries.

This section expresses the sense of the House of Representatives that the Committee on Financial Services should play a leading role in developing public policy on the adoption of artificial intelligence (AI) in the financial services and housing industries. The section further states that the Committee should promote a dynamic, pro-consumer, pro-investor, and pro-innovation culture for AI; ensure regulators enforce existing laws including anti-discrimination statutes and assess regulatory gaps; evaluate the impact of AI rules on innovation and cost-effectiveness; avoid disproportionately burdening smaller firms; equip regulators with tools to oversee new AI products and services; consider reforms to privacy laws given the role of financial data in AI; strengthen cybersecurity standards for AI systems; assess AI’s effects on the workforce; maintain U.S. global leadership in AI; and safeguard taxpayer interests as technologies evolve.

This section expresses the sense of the House of Representatives that the Committee on Financial Services should play a leading role in public policy on the adoption of artificial intelligence (AI) in the financial services and housing industries. The section recommends that the Committee promote a dynamic, pro-consumer, pro-investor, and pro-innovation culture for AI; ensure regulators apply and enforce existing laws, including anti-discrimination statutes, while assessing regulatory gaps; support evaluation of innovation and cost-effectiveness impacts before issuing AI-related rules; avoid disproportionate burdens on smaller firms; ensure regulators have appropriate focus and tools to oversee new products and services; evaluate State laws and consider reforms to privacy laws for financial institutions; strengthen cybersecurity standards for AI systems; assess AI’s impact on the workforce; maintain U.S. global leadership in AI development and use; and safeguard taxpayer interests.