Press Releases

Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence led by Digital Assets Subcommittee Chairman Bryan Steil (WI-01) is holding a hearing to examine how financial services regulators and firms are using AI in different areas and analyze both the benefits and risks of AI adoption.

Read Subcommittee Chairman Steil’s opening remarks as prepared for delivery:

"Artificial intelligence is rapidly changing industries across the world.

"Few sectors are more prepared or more impacted than financial services. For decades, our financial institutions have been at the forefront of developing and deploying AI technology, from algorithmic trading to machine learning systems used in risk management and governance, and combatting fraud in better and faster ways.

"The rise of generative AI represents the next transformative step, which could bring new efficiencies, new opportunities, and potential new risks to our financial markets.

"This Subcommittee has demonstrated strong leadership in charting a path forward for transformative technologies, including digital assets, most recently through the CLARITY Act and the GENIUS Act.

"Today, we turn our attention to artificial intelligence, examining how it is being deployed in financial markets and assessing whether the current regulatory framework is prepared to keep pace.

"The United States has long been a hub for financial innovation, but we must ensure our policies support responsible AI adoption, not stifle it, as seen during the Biden-Harris Administration.

"Recently, the Trump Administration released its AI Action Plan, which emphasizes American AI leadership across all sectors.

"We must look to how we can enhance American leadership and competitiveness in financial technology.

"It is essential that regulation strikes the right balance: fostering innovation while ensuring investor protection and market integrity.

"Our financial regulators must also be cognizant of this technology and its uses, and Congress must provide the clarity to encourage responsible development here at home.

"It is paramount our markets are not left behind in the global race for AI leadership.

"We are fortunate to have with us today a panel of esteemed experts who bring a wealth of knowledge and experience in artificial intelligence and its deployment in the financial system.

"The information we learn today will build upon our prior work and assist the Subcommittee in shaping policies that encourage responsible innovation in financial markets while cementing American AI leadership.

"I want to thank our witnesses for being with us here today and I look forward to today’s discussion."