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Waters Announces Committee Reauthorization of Task Forces on Financial Technology and Artificial Intelligence for 117th Congress

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced the reauthorization of the Financial Technology and Artificial Intelligence Task Forces.

“I am very pleased to announce that our Task Forces on Financial Technology and Artificial Intelligence will continue their work examining emerging technologies in the financial services and housing industry,” said Chairwoman Waters. “These Task Forces will investigate whether these technologies are serving the needs of consumers, investors, small businesses, and the American public, which is needed especially as we recover from the COVID-19 pandemic. I will reiterate that Congress must promote responsible innovation, as well as ensure that regulators are able to properly oversee this rapidly changing environment. The continuation of the Task Force on Financial Technology, led by Congressman Lynch, and the Task Force on Artificial Intelligence, led by Congressman Foster, will allow Congress to be aware of all cutting-edge developments in our space. Furthermore, the hearings and legislation from these Task Forces will make sure policy can keep up with the changes to our financial services, and do its part to make sure technology is not being used to discriminate or exacerbate existing biases under the guise of innovation.”

Congressman Stephen Lynch (D-MA) will once again chair the Task Force on Financial Technology and Congressman Bill Foster (D-IL) will once again chair the Task Force on Artificial Intelligence.

“I am grateful to have the opportunity to lead the Task Force on Financial Technology once again and I look forward to building on the bipartisan efforts conducted in the past two years,” said Congressman Lynch. “Throughout the COVID-19 pandemic, we have seen an increased reliance on fintech applications for lending, payments and money management and these technologies require our full attention to ensure consumer protections are up to par. This task force will continue to examine the opportunities and challenges posed by these technologies and offer insight into how Congress can help ensure Americans’ data and privacy is secure. I thank Chairwoman Waters for her steadfast support of this important body as we work to improve the use and quality of these fintech services.”

“I’m honored to return as Chair of the Financial Services Committee’s Task Force on Artificial Intelligence for the 117th Congress, and I thank Chairwoman Waters for her continued support and engagement on this important issue,” said Congressman Foster. “Last Congress, the Task Force began to tackle the question of how AI is changing the way Americans operate in the marketplace, how we think about identity security, and how we interact with financial institutions. I’m excited to continue this dynamic discussion and provide a venue for us to better understand how we can utilize AI to maintain the competitiveness and fairness of America’s financial sector. AI has the potential to help detect fraud, prevent injustice, and to break down barriers to make it easier for entrepreneurs, aspiring homeowners, and consumers to access important financial services. It is crucial that we also consider how to harness these innovations to help build a financial system that is fair for all Americans. I look forward to collaborating with my colleagues on the Task Force to offer a deeper understanding of these issues so that we can take meaningful action that everyone can benefit from.”

Democratic Members of the Task Force on Financial Technology will include:

Congressman Stephen Lynch (D-MA), Chair

Congressman Jim Himes (D-CT)

Congressman Josh Gottheimer (D-NJ)

Congressman Al Lawson (D-FL)

Congressman Michael San Nicolas (D-GU)

Congressman Ritchie Torres (D-NY)

Congresswoman Nikema Williams (D-GA)

Democratic Members of the Task Force on Artificial Intelligence will include:

Congressman Bill Foster (D-IL), Chair

Congressman Brad Sherman (D-CA)

Congressman Sean Casten (D-IL)

Congresswoman Ayanna Pressley (D-MA)

Congresswoman Alma Adams (D-NC)

Congresswoman Sylvia Garcia (D-TX)

Congressman Jake Auchincloss (D-MA)

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