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House Financial Services hearing splits over federal preemption and AI sandboxes
Summary
Lawmakers at a House Financial Services hearing clashed over whether Congress should set a national AI standard that preempts state laws or preserve state-level safeguards; witnesses broadly backed controlled, time‑boxed sandboxes and harmonized federal standards while consumer advocates warned against blanket preemption.
Lawmakers at a House Committee on Financial Services hearing on AI in financial services on a daylong panel split sharply over whether Congress should establish a single national standard for AI or preserve state authority to set safeguards.
Chairman Hill framed the session as part of the committee's ongoing work to assess how existing laws apply to new AI tools and where modernization is needed. Ranking Member Maxine Waters warned that “AI is already embedding in the lives of millions of Americans,” and…
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