A new bill with bipartisan support would commission studies on the use of artificial intelligence (AI) in the banking and housing sectors, where lawmakers have been sounding an alarm about algorithmic price fixing and commercial misconduct enabled by new technologies.

The AI Act of 2024, backed by the top Democrat and Republican on the House Financial Services Committee, would look at how banks use AI in property valuations, loan underwriting, debt collection, mortgage issuance, and how fair they’re being when it comes to extending credit using AI, among other business activities.

Studies are to be commissioned from the Federal Reserve, the Securities and Exchange Commission, the Housing Department and other federal agencies. The bill will also look at how AI is being used by........

© The Hill