The American Fintech Council (AFC) has expressed strong support for the recommendations put forth in the Bipartisan House Task Force Report on Artificial Intelligence. AFC's Chief Executive Officer, Phil Goldfeder, highlighted the significance of this report as a step towards creating effective and context-specific regulations for AI within financial services.

Goldfeder emphasized that "the use of AI in financial services represents one of the most impactful areas for the future of banking." He stressed the importance of policymakers and regulators understanding the distinctions between various AI-centric offerings to establish appropriate regulatory frameworks for different financial products.

As Congress prepares for its next session, Goldfeder urged lawmakers to maintain the bipartisan approach demonstrated in developing the Task Force’s report. He called on Congress to build upon these recommendations, continue their efforts, and eventually propose pragmatic legislation that supports responsible AI development and usage in financial services. Such legislation would benefit both the industry and consumers.

Goldfeder concluded by reiterating AFC's commitment to collaborating with policymakers to foster innovation while ensuring consumer protection through well-crafted regulations.