U.S. Sen. Mike Rounds, R-South Dakota, reintroduced legislation Wednesday that he said would create “a safe space for experimentation” with artificial intelligence in the financial services industry.
He made the remarks during his first hearing as chairman of the Senate Banking Committee’s Subcommittee on Securities, Insurance and Investments. He framed the day’s discussion around “guardrails and growth.”
“We need regulatory frameworks that both support innovation and protect consumers,” Rounds said.
The legislation is the Unleashing AI Innovation in Financial Services Act. Rounds said the bipartisan bill would “create a venue for financial institutions and regulators to work together to test AI projects for deployment.”
“By creating a safe space for experimentation, we can help firms innovate and regulators learn, without applying outdated rules that don’t fit today’s technology,” Rounds said.
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