Sen. Mike Rounds of R-South Dakota said on Wednesday that he would reintroduce the law and use artificial intelligence in the financial services industry to create “safe spaces for experiments.”
He made his remarks during his first hearing as chair of the Senate Banking Committee’s subcommittee on Securities, Insurance and Investments. He framed the day’s discussion about “guardrails and growth.”
“We need a regulatory framework that supports innovation and protects consumers,” Round said.
This law unlocks AI innovation in the Financial Services Act. The Round said the bipartisan bill would “create a venue for financial institutions and regulators to work together to develop AI projects.”
“Creating safe spaces for experiments will help businesses innovate and help regulators learn without applying outdated rules that don’t suit today’s technology,” Round said.
