Expressing the sense of the House of Representatives with respect to the use of artificial intelligence in the financial services and housing industries.
- Bill Number
- H.Res. 1007
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-03-19: Placed on the House Calendar, Calendar No. 67.
- Last Updated
- 2026-06-11T23:41:25Z
AI-Generated Summary
Purpose This resolution expresses the sense of the House of Representatives on the role of artificial intelligence (AI) in the financial services and housing industries. It recognizes both the opportunities and risks of AI while directing the House Committee on Financial Services to guide future public policy on the topic.
Key Provisions
- Acknowledges AI’s growing use in areas such as market research, underwriting, customer service, compliance with laws like the Bank Secrecy Act, and cybersecurity.
- Notes potential risks, including financial stability concerns from “herding behavior,” exploitation by malicious actors, challenges in explaining AI decisions, and unequal access for smaller institutions.
- States that the Committee on Financial Services should:
- Take a leading role in shaping AI policy for these industries.
- Promote a pro-consumer, pro-investor, and pro-innovation approach.
- Ensure regulators enforce existing laws, including anti-discrimination rules, and evaluate regulatory gaps.
- Require assessment of innovation and cost impacts before new AI rules are issued.
- Prevent regulatory frameworks from disproportionately affecting smaller firms.
- Confirm that regulators have adequate tools for oversight.
- Review state privacy laws and consider updates related to financial data.
- Strengthen cybersecurity standards for AI systems.
- Examine AI’s effects on the workforce.
- Support U.S. global leadership in AI development and use.
- Protect taxpayer interests amid technological change.
Significant Changes to Existing Law The resolution introduces no changes to existing statutes or regulations. It is a non-binding expression of congressional opinion.
Potential Impacts
- Government agencies: Encourages financial regulators to expand expertise on AI governance and to apply current laws while assessing new risks.
- Citizens and consumers: May lead to more consistent enforcement of fair-lending and anti-discrimination rules and could influence the availability and fairness of AI-driven financial and housing services.
- Financial and housing industries: Signals future policy direction that balances innovation with oversight, potentially affecting how institutions adopt AI tools.
- International relations: Supports maintaining U.S. leadership in AI development and application within these sectors.
Main Stakeholders Affected
- House Committee on Financial Services.
- Federal financial regulators.
- Large and small financial institutions, including community banks, rural depository institutions, minority depository institutions, and community development financial institutions.
- Housing market participants such as lenders and servicers.
- Consumers, investors, and third-party technology providers.
Notable Legal, Constitutional, or Political Implications The resolution reinforces the application of existing anti-discrimination and consumer-protection laws to AI systems but does not create new legal obligations. Politically, it asserts the Committee on Financial Services’ central role in AI policy-making without altering constitutional authority or requiring legislative action.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (3)
Rep. Lynch, Stephen F. [D-MA-8], Rep. Liccardo, Sam T. [D-CA-16], Rep. Downing, Troy [R-MT-2]
Recent Actions
- 2026-03-19: Placed on the House Calendar, Calendar No. 67.
- 2026-03-19: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-559.
- 2026-03-19: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-559.
- 2026-01-22: Ordered to be Reported (Amended) by the Yeas and Nays: 54 - 0.
- 2026-01-22: Committee Consideration and Mark-up Session Held
- 2026-01-16: Referred to the House Committee on Financial Services.
- 2026-01-16: Submitted in House
- 2026-01-16: Submitted in House
Bill Versions
- Expressing the sense of the House of Representatives with respect to the use of artificial intelligence in the financial services and housing industries. — issued 2026-01-16 — PDF (4 pages)
- Expressing the sense of the House of Representatives with respect to the use of artificial intelligence in the financial services and housing industries. — issued 2026-03-19 — PDF (10 pages)