Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a markup of various bills that reflect the Committee's long-standing efforts to strengthen our financial system, promote innovation, and protect the American people.

Read Chairman Hill's remarks as prepared for delivery:

"Good morning.

"Before us today is an opportunity to advance legislation that reflects the Committee's core mission of promoting financial innovation, strengthening consumer protections, and ensuring our regulatory framework keeps pace with a rapidly evolving financial landscape.

"I’m grateful to the members who have worked across the aisle to bring them forward.

"The measures we’ll be discussing today represent important steps in addressing the growing threat posed by increasingly sophisticated fraud schemes that use artificial intelligence and other emerging technologies to exploit victims and evade detection.

"AI is transforming nearly every sector of our economy, and the financial services industry is no exception.

"The same tools that help banks detect fraud and serve customers more efficiently can also be weaponized by bad actors to carry out scams at unprecedented scale and speed.

"Without a clear national strategy, we risk falling behind.

"The United States must have a coordinated approach to detect, prevent, and respond to AI-enabled financial crime.

"This is what the bills before us today accomplish.

"The AI Plan Act, led by Representatives Nunn and Himes, directs the executive branch to develop a comprehensive plan to safeguard our financial system and sensitive data against the misuse of AI technologies.

"The truth is, we cannot fight a 21st-century threat with 20th-century tools.

"That is why we must use proven, commonsense tools that allow regulators and innovators to learn together and adapt to rapidly evolving technology.

"The Unleashing AI Innovation in Financial Services Act, which I introduced alongside Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil and Reps. Gottheimer and Torres, embrace that approach by promoting the responsible use of AI in financial services through regulatory sandboxes that allow federal agencies to test and evaluate emerging technologies safely.

"Representative Flood's Bank Fraud Technology Advancement Act complements that effort by directing federal regulators to study how institutions use advanced fraud detection technologies and establish a voluntary pilot program to help smaller banks and credit unions access these tools.

"As bad actors increasingly leverage new technologies to target vulnerable individuals, it is more important than ever that law enforcement has the tools necessary to respond effectively.

"The GUARD Act, led by Representatives Nunn, Gottheimer, and Fitzgerald, strengthens law enforcement's ability to investigate and combat financial scams targeting seniors.

"The bill ensures state, local, and Tribal agencies can access federal grant funding for these investigations, while improving coordination with federal agencies and expanding access to blockchain tracing tools used to combat illicit activity.

"Elder financial fraud is one of the most devastating crimes we see in this country. Seniors lose billions of dollars every year to scammers, and far too often, those losses are never recovered.

"The GUARD Act gives law enforcement the resources and coordination they need to pursue these criminals and deliver justice for victims.

"In addition, Representatives Stutzman and Foster's FUTURES Act works to modernize the technological capabilities of our federal financial regulators by requiring them to assess their current capabilities and identify where gaps may exist. This legislation will also help to combat fraud.

"It is vital that our federal financial agencies are equipped to oversee increasingly complex and fast-moving markets.

"Lastly, we are also considering legislation aimed at strengthening the broader foundation of our economy and promoting long-term economic stability.

"My bill, the Price Stability Act of 2025, seeks to refocus the Federal Reserve on its core mission of maintaining price stability, an essential component of long-term economic growth.

"The bill will keep the central bank focused on managing inflation.

"Together, the bills we are marking up today reflect the Committee's long-standing bipartisan efforts to strengthen our financial system, promote innovation, and protect the American people.

"I thank all my colleagues who worked on these measures for their dedication and hard work.

"I look forward to today's discussion, and I yield back."

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