In a letter, U.S. Reps. Maxine Waters, D-Calif., and Bill Foster, D-Ill., urged financial regulators to ensure algorithmic bias does not occur in emerging technologies. The lawmakers said regulators “must prioritize principles of transparency, enforceability, privacy, and fairness and equity” in assessing financial institutions’ use of artificial intelligence. “This will ensure that AI regulation and rulemaking can meaningfully address appropriate governance, risk management, and controls over AI,” they wrote.
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