"AFC wholeheartedly agrees with the recommendations expressed in The Bipartisan House Task Force Report on Artificial Intelligence, and we believe that this report represents an important step forward in developing pragmatic, context-specific regulation of Artificial Intelligence (AI) within financial services. The use of AI in financial services represents one of the most impactful areas for the future of banking. As we noted in our recent letter on AI, it is crucial that policymakers and regulators understand the relevant distinctions between AI-centric offerings and seek to craft the correct regulatory structure for each financial product.

As we enter the next Congress, continuing the spirit of bipartisanship shown in the development, findings, and recommendations of the Task Force’s report will be crucial to developing enduring and stable regulatory frameworks that encourage innovation. We therefore ask Congress to build on the recommendations, continue the laudable work of the Task Force, and ultimately put forward pragmatic legislation that encourages responsible development and use of AI in financial services for the benefit of the industry and the consumers they serve."

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