3 sources·Politics

AI Regulation Gathers Momentum in Housing and Finance Sectors

The US Congress is advancing AI regulation to evaluate its impact on banking and housing, addressing rising concerns of algorithmic misconduct.

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Updated: Dec 2nd, 2024, 6:10 PM ET

Summary

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A bipartisan bill, the AI Act of 2024, seeks to study the use of AI in banking and housing amidst rising concerns about algorithmic price fixing. Key agencies like the Federal Reserve are commissioned to assess how AI influences property valuations, credit decisions, and debt collection. Meanwhile, California leads efforts to curb AI in setting rental prices, with cities like San Francisco and San Jose considering bans on algorithmic pricing to safeguard housing affordability. Both legislative moves signify growing national attention on the ethical implications of AI and its role in essential economic sectors.

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AI Regulation Gathers Momentum in Housing and Finance Sectors - Pano News