“The financial industry has already been deploying AI within the bounds of federal laws and regulations across its business lines from customer service to automated underwriting to securities trading to risk management and more,” the groups, led by Americans for Financial Reform, wrote. “These legal and regulatory regimes are designed to protect people and the financial system from predatory practices, market manipulation, and economic instability. There is no justification for allowing companies to deploy AI systems that would otherwise violate federal laws and pose risks to people and the economy. Nor does the use of AI, however trivial, justify broad waivers of our consumer and investor protection laws.”
“The legislative initiatives explored in the Senate so far have largely failed to address the
widespread harms caused by the crypto industry and the Senate should not consider any bill that does not address these problems in full,” said the letter sent to senators this week, signed by almost 200 groups, including Better Markets, Public Citizen, Americans for Financial Reform and the Communications Workers of America. It followed a similar objection raised this week by the teachers’ union, AFT.
The letter was facilitated by the national environmental organization Food & Water Watch, and signed by national and statewide groups including Greenpeace, Friends of the Earth, Physicians for Social Responsibility, Americans for Financial Reform, Citizen Action of NY, NY Communities for Change, and For the Many.
“The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry and the Senate should not consider any bill that does not address these problems in full,” said the letter sent to senators this week, signed by almost 200 groups, including Better Markets, Public Citizen, Americans for Financial Reform and the Communications Workers of America. It followed a similar objection raised this week by the teachers’ union, AFT.
EPIC joined a coalition letter led by Americans for Financial Reform calling on the House Financial Services Committee to oppose the Unleashing AI Innovation in Financial Services Act (H.R. 4801). 64 other consumer protection, civil rights, labor, and technology advocacy organizations also signed on to the letter.
“Insurers have used climate change to justify rate hikes, cancellations, and claim denials, yet they’re quietly posting record profits,” said Caroline Nagy, associate director of housing policy at Americans for Financial Reform Education Fund. “The insurance industry has fought tooth and nail to keep the public in the dark: making insurance data publicly available is a crucial step in exposing discriminatory pricing practices and protecting families from shouldering the financial costs of the climate crisis alone.”
