FOR IMMEDIATE RELEASE: May 13, 2026
CONTACT: Jarice Thompson jarice@ourfinancialsecurity.org
AFR Statement on HFSC Passage of Disastrous AI Sandbox Legislation:
Statement of Patrick Woodall, Managing Director at Americans for Financial Reform
This bill is a giveaway to Big Tech and big banks that will supercharge discrimination and fraud and put the stability of the financial system at risk. Allowing financial firms to request a free pass to effectively run AI experiments on people without abiding by federal financial rules including civil rights, consumer financial protection, and bank stability laws and regulations, is a step in the wrong direction. Wall Street should not be allowed to reap the benefits from AI and dump all of the costs on customers, workers, communities, and the economy without any meaningful oversight or accountability. The House of Representatives must reject this dangerous giveaway to the financial industry and Big Tech that will only increase discrimination, ripoffs, and financial instability.
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