In a letter signed only by republicans, the committee responded to a request for information sent by the Department of the Treasury.
United States Financial Services Committee (FSC) leaders responded to a request for feedback from the US Treasury concerning the regulation of artificial intelligence in a letter published on Aug. 16.
The letter, signed by the committee’s republican leadership, calls for what amounts to a light-touch approach to regulation. “A one-size-fits-all approach will only stifle competition among financial institutions,” write the signatories, adding that “regulators must evaluate each institution's use of AI technology on a case-by-case basis”
The committee appeared bullish on the use of generative AI — which includes services and products such as OpenAI’s ChatGPT and Anthropic’s Claude — in the financial services sector. It highlighted the potential for these technologies to provide greater access to financial services, increasing both adoption and inclusion.
