The U.S. House Financial Services Committee named U.S. Rep. French Hill (R-AR) as the ranking member of two newly formed bipartisan task forces to promote responsible innovation through financial technology, fight money laundering and illegal finance, protect small businesses and investors, and ensure consumer protections.
“I’m honored to be named Ranking Member of the newly formed Task Forces,” Rep. Hill tweeted on May 9. “I look forward to working on fostering innovation for both disruptive innovators and incumbent financial players.”
The House Financial Services Committee last week adopted two resolutions by unanimous consent establishing both the Task Force on Financial Technology (FinTech) and the Task Force on Artificial Intelligence (AI).
The Task Force on Financial Technology will examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech, according to the committee. The chairman of the task force is U.S. Rep. Stephen Lynch (D-MA).
“The landscape for financial services has changed substantially over the past decade,” said Rep. Hill. “I’m proud to work with my colleagues on the Financial Services Committee to encourage technology innovation with an eye toward better consumer experiences, more effective regulation, and lower cost of compliance.”
The congressman noted that the Task Force on FinTech would examine issues including regulating fintech; lending and new inputs; and reviewing data privacy challenges.
The Task Force on AI will examine the impact of automation and machine learning and how companies and consumers might use AI to improve their lives, the committee said. U.S. Rep. Bill Foster (D-IL) is the chairman.
Rep. Hill’s office said other issues to be examined by the Task Force on AI include applications of machine learning in financial services and regulation, emerging risk management perspectives, combating fraud, and the impact of automation on jobs in financial services and the overall economy.