IV 

118TH CONGRESS 

2D SESSION H. RES. 1600 

Expressing the sense of the House of Representatives with respect to the 

use of artificial intelligence in the financial services and housing industries. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 26, 2024 

Mr. MCHENRY (for himself and Ms. WATERS) submitted the following 

resolution; which was referred to the Committee on Financial Services 

RESOLUTION 

Expressing the sense of the House of Representatives with 

respect to the use of artificial intelligence in the financial 

services and housing industries. 

Whereas generative artificial intelligence (‘‘AI’’) has the potential to provide significant opportunities as well as risks 

across the financial services and housing industries; 

Whereas AI is playing a significant role in the financial services and housing industries and continues to be adopted 

in various forms; 

Whereas the United States capital markets market participants are leveraging AI to enhance research capabilities, 

market surveillance, and trading and execution; 


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Whereas the United States housing market participants are 

using AI to enhance underwriting, mortgage servicing, 

and tenant screening; 

Whereas United States financial institutions are exploring the 

use of AI to enhance customer service capabilities, expand the pool of loan applicants, increase repayment 

rates, and decrease fraudulent payments; 

Whereas United States financial firms are leveraging AI to 

streamline compliance with the Bank Secrecy Act and 

sanctions laws as well as enhance cybersecurity operations from evolving threats; 

Whereas the use of generative AI is enhancing both employee 

productivity and consumer experiences across the financial services and housing industries; 

Whereas financial institutions’ growing use of AI may create 

financial stability risks through increased herding behavior and market correlation; 

Whereas the increasing use of AI may introduce 

vulnerabilities that could be exploited by malicious actors; 

Whereas the use of AI in automated decision-making may 

lead to biased and discriminatory outcomes, and face 

explainability issues due to the complexity and opacity of 

certain AI models; 

Whereas small community financial institutions such as rural 

depository institutions, minority depository institutions, 

and community development financial institutions may 

lack the resources to develop, train, and deploy AI models 

compared to larger institutions; and 

Whereas financial institutions’ use of AI may increase their 

direct and indirect reliance on third-party services: Now, 

therefore, be it 


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1 Resolved, That it is the sense of the House of Rep2 resentatives that— 

3 (1) given the critical role of the financial and 

4 housing markets, the Committee on Financial Serv5 ices of the House of Representatives should play a 

6 leading role in overseeing the adoption of artificial 

7 intelligence (‘‘AI’’) in the financial services and 

8 housing industries; 

9 (2) the Committee on Financial Services must 

10 ensure regulators apply and enforce existing laws, 

11 including anti-discrimination laws, and assess regu12 latory gaps as market participants adopt AI; 

13 (3) the Committee on Financial Services should 

14 ensure the financial regulators have the appropriate 

15 focus and tools to oversee new products and services; 

16 (4) the Committee on Financial Services should 

17 continue to consider how to reform data privacy laws 

18 given the importance of data, especially consumer 

19 data, to AI; 

20 (5) the Committee on Financial Services should 

21 work with financial regulators to understand AI’s 

22 impact on the workforce; and 


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1 (6) the Committee on Financial Services should 

2 ensure U.S. global leadership on AI development and 

3 use. 

Æ 


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