Foster named to head task force exploring artificial intelligence

U.S. Rep. Bill Foster will serve as chairman of a newly created task force that will probe how artificial intelligence is affecting how consumers interact with and use financial services.

The Naperville Democrat and particle physicist was named to head the group by Rep. Maxine Waters, who chairs the House Committee on Financial Services.

"Developments in AI are at the forefront of innovation that is changing the way Americans operate in the marketplace, how we think about identity security and how we do business with financial institutions," Foster said in a news release. "It is affecting everything from how we access our money to how we apply for mortgages and make financial investments.

"AI has the potential to help break down barriers and make it easier for entrepreneurs, aspiring homeowners and consumers to interact with banks and utilize financial services, but it is crucial that the application of AI to financial services contributes to an economy that is fair for all Americans."

The task force will look at issues that include applications of machine learning in financial services and regulation; digital identification technologies and combating fraud; and automation and its impact on jobs in financial services and the overall economy.

Foster represents the 11th Congressional District, which includes portions of DuPage, Kane, Kendall and Will counties.