WASHINGTON, D.C.(KCCR)- South Dakota Senator Mike Rounds helped open a Congressional hearing on the impact of artificial intelligence on the nation’s banking industry this week. Rounds says the nation’s banking industry is at the beginning of a journey of monumental change.
Rounds says the banking industry is struggling to keep fraudsters and cyberhackers at bay.
Rounds sees Congress as having an important role in monitoring A-I’s use in the banking industry.
Rounds says financial regulators should allow Congress act and resist the urge to over-regulate new technology as they run the risk of unintended consequences.