During a recent government meeting, discussions highlighted the transformative role of artificial intelligence (AI) in the financial sector, particularly in expanding access to credit through innovative underwriting practices. A key point raised by a witness was the use of rental housing payment and cash flow data, which are non-traditional metrics that can enhance credit evaluations. This approach aims to address systemic inequalities in credit access, which are often correlated with race.

Congresswoman Beatty emphasized the critical need for federal fair housing enforcement, especially in light of recent legislative actions by House Republicans that have cut funding for such initiatives. She pointed out that the elimination of discrimination in housing lending, particularly through AI technologies, is essential for fostering equitable access to credit. The witness underscored that businesses recognize the financial benefits of reducing racial inequality, citing a Citigroup report that estimates a potential $5 trillion increase in U.S. GDP over five years if racial disparities are addressed.

The conversation also touched on the intersection of AI and digital assets, with Representative Emmer noting the inevitable relationship between the two. He suggested that AI could enhance the authenticity of digital transactions, while blockchain technology could serve as a tool for ensuring digital integrity. The dialogue underscored the potential of AI and digital assets to drive a robust global digital economy, highlighting their significance in shaping future financial landscapes.