Lawmakers call for AI in financial literacy, systems
Lawmakers and industry leaders proposed using artificial intelligence to improve financial literacy across the US. They suggested AI chatbots could act as personal financial advisors for those who cannot afford assistance.
Lawmakers and industry leaders gathered at Axios' Financial Confidence event in Washington, D.C., to discuss implementing artificial intelligence to address gaps in financial literacy. Reps. Josh Gottheimer and Young Kim said AI chatbots could serve as personal financial advisors for those unable to pay for assistance. However, they warned against giving AI models too much knowledge about personal financial information and called for greater transparency from banks using AI. Gottheimer emphasized the need for disclosure requirements when AI tools are used to give financial advice. Kim introduced the PACE Act to allow payment companies to get approved for federal registration, aiming to build a faster and more secure payment system. The lawmakers also discussed the 'Trump account' initiative, which provides a $1,000 contribution to a tax-free account for eligible babies, and suggested codifying it into law to promote financial literacy.
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