Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a hearing entitled, "From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services." This hearing will examine Artificial Intelligence (AI) use cases in the financial services and housing sectors, and explore interagency coordination to ensure AI oversight is consistent, clear, and supportive of innovation, competition, and consumer protection.

Read Chairman Hill's remarks as prepared for delivery.

"Good morning. Advancements in artificial intelligence are not just on the horizon - they are here and transforming our economy.

"Last Congress, Congressman Bill Foster and I served on Speaker Johnson and Minority Leader Jeffries’ bipartisan, Congressional AI Task Force, and Congressman Stephen Lynch and I led this Committee’s AI Working Group.  

"In both forums, we examined how financial services firms and regulators are approaching AI, analyzing its benefits and risks in a highly regulated environment.

"Just this past fall, the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee, led by Chairman Bryan Steil, held a hearing where members evaluated how financial regulators and firms are using AI.

"Today’s hearing builds on our earlier work and will help us further examine AI use cases in the financial and housing sectors.

"We will also consider how agencies can provide a clear regulatory environment, assess where existing laws may fall short or require modernization, and explore ways to foster innovation.

"For decades, the financial services industry has pioneered the real-world application of AI and continues to be a standout leader.

"AI has shown its transformative potential to reshape how financial institutions operate, from enhancing analysis, to managing risk, mitigating fraud, and, importantly, enhancing customer service.

"However, as with any innovation, risks give rise to new challenges. Yet human progress is ever-changing, never static, and AI represents the latest leg in that journey.

"To move forward, we must embrace and adapt to innovation.

"This was the approach taken in the 1990s by former Congressman and SEC Chairman Chris Cox, when Congress confronted the rapid commercialization of the Internet.

"Rather than allowing fear to stall advancement, lawmakers adapted existing laws to fit the new technological era.

"Congress established clear guidelines and principles early on, setting the stage for the rapid growth of the Internet, enabling countless innovations and entire industries, and putting the U.S. at the forefront of its expansion.

"Just as Congress navigated the uncertainties of the Internet in the 90s, we must view AI as an opportunity, not a threat, applying lessons of that era to today’s technological landscape.

"Identifying gaps and obstacles in our regulatory frameworks will help Congress create an AI landscape where innovation can flourish without unnecessary barriers, while ensuring robust consumer protections, and risk-based, technology-neutral regulation.

"The Committee is steadfast in its commitment to empowering U.S. firms to leverage AI’s potential and drive the U.S.’s global leadership in adoption and innovation.

"I thank our witnesses for being here today to provide their valuable insights and perspectives, and I yield back."