Congress Urged to Scrutinize Wall Street's AI Use.

Rep. Maxine Waters is urging the House Financial Services Committee to hold a hearing on the implications of big tech's foray into artificial intelligence (AI) for the housing and financial services industry. Waters warns that if AI’s growth is not monitored closely, it could inflict large-scale societal and economic harm, including the potential for exposing consumers’ data, creating inaccurate financial assessments, and spreading misinformation, posing risks to financial stability. Waters spearheaded a task force last congress on financial technologies and AI, which raised ethical and legal concerns about bias and discrimination by algorithms.