Should Congress establish the Task Force on Artificial Intelligence to look at AI’s outcomes on financial institutions?
This bill will establish the Task Force on Artificial Intelligence (AI) in the Financial Services Sector. AI threats are also referred to as "deep fake" scams. This task force will look at AI benefits to financial institutions as well as the unique risks posed by the usage of AI to consumer account security.
Sponsor: Rep. Brittany Pettersen (Democrat, Colorado, District 7)
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Opponents say
• "Banks operate within a very strict regulatory framework but the creativity and resources of fraudsters are constantly evolving. Thanks to AI models, you can detect abnormal behavior and fight fraud more effectively." Source: Patrice Latinne, Data & Analytics Partner at EY Financial Services, EY
• "Today, when we think of AI and banks, we think of automating tasks, such as filling in Excel tables, reading and summarizing documents, and automatically adjusting clauses in a contract. But tomorrow, AI-powered solutions can make an enterprise’s management systems interactive. This way, they can interact with each other and with the employees. And that increases productivity and generates added value. So both data quality and governance, and control processes are crucial." Source: Patrice Latinne, Data & Analytics Partner at EY Financial Services, EY
Proponents say
• "Scammers are already learning how to take advantage of regular Americans by stealing audio, photos, videos, and other personal information to hack into bank accounts and steal people's hard-earned money. Artificial intelligence will only become more advanced and widely available, so our policies must keep up. Our bipartisan bill will allow Congress to stay at the cutting-edge of technological advances, understanding both the positive and negative impacts AI could have on our financial sector. " Source: Rep. Brittany Pettersen (Democrat, Colorado, District 7), Press Release
• "Artificial intelligence is already changing how people live, work, and do business. While I am excited about the potential for artificial intelligence to change our economy in positive ways, deep fakes have the potential to lead to some troubling threats for Americans like identity theft and fraud." Source: Rep. Mike Flood (Republican, Nebraska), Press Release
- Reps. Pettersen, Flood Introduce Bipartisan Legislation to Address Bank Scams Fueled by Artificial Intelligence (Press Release)
- How to protect your business from deepfakes (Bank of America)
- Contextualizing Deepfake Threats to Organizations (National Security Agency)
- Rep. Brittany Pettersen’s Top Donors (Open Secrets)
- Contextualizing Deepfake Threats to Organizations (National Security Agency)
