Boston, MA– Yesterday, U.S. Representative Stephen F. Lynch (MA-08), lead Democrat on the House Financial Services Committee’s Working Group on Artificial Intelligence (AI), hosted fellow Members at the Massachusetts Institute of Technology for discussions with faculty and other field experts regarding the application of AI across industries. The Congressional delegation received briefings on the safety of AI, including the benefits and risks of its use, and the importance of verifying data sources to ensure AI models lead to accurate outcomes. MIT presenters shared how AI is applied across different platforms, and explained how AI tools are impacting labor and the economy. Attendees included Financial Services Committee Chairman Patrick McHenry (R-NC), lead Republican on the Working Group on AI Rep. French Hill (R-AR) and Working Group Member Rep. Sylvia Garcia (D-TX).
“I was honored to have the opportunity to welcome my House colleagues to the Massachusetts Institute of Technology to learn more about Artificial Intelligence and its evolving capabilities,” said Rep. Lynch. “We had in-depth discussions with several MIT professors, scientists, and leaders about the impact of AI within the Financial Services industry and how it is used to aid cybersecurity, fraud detection, customer service, risk management, and credit decisions. We also met with the MIT-IBM Watson AI Lab researchers and DynamoAI, who demonstrated how they are deploying AI and the potential impact the technology may have on workers. I am grateful to Daniel Huttenlocher, Dean of MIT Schwarzman College of Computing, David Goldston, Director of MIT’s Washington Office, and David D. Cox, VP of AI Models and MIT-IBM Director, for welcoming us and presenting the research and data MIT has compiled on AI and its impact on our industries and society. I am also grateful to all the MIT faculty and staff who participated on the various panels and to our Working Group on AI colleagues, Chairman Patrick McHenry, Rep. French Hill and Rep. Sylvia Garcia for traveling to the Boston area so we could learn more about AI and how we can better use it to the advantage and protection of the American people.”
“I am grateful to my colleagues Congressmen Lynch and Hill for organizing the bipartisan Congressional Delegation trip to MIT, offering members of FSC the opportunity to learn more about the impacts AI can have on our economy,” said Rep. Sylvia Garcia. “As Members of Congress, we have a responsibility to ensure we understand the guardrails that are needed to ensure the resilience of our financial system and protect the financial security of Americans across the country. I look forward to continuing to work alongside my colleagues to ensure Congress is doing everything we can to adequately provide oversight over AI.”
Rep. Lynch, Chairman McHenry, Rep. Hill and Rep. Garcia met with leaders and faculty of MIT’s Schwarzman College of Computing, Department of AI and Decision-Making, Sloan School of Management, Computer Science and Artificial Intelligence Laboratory, and Data System and AI Lab, where presenters shared applications of AI across industries, technology developments and their research. After, the Members toured the MIT-IBM Watson AI Lab, which includes scientists from MIT and IBM who conduct research dedicated to pushing the frontiers of artificial intelligence and translating breakthroughs into real-world impact.