Industry witnesses tell House committee AI can fight fraud and strengthen markets — but require governance Witnesses from Google Cloud, Nasdaq, Zillow and Palo Alto Networks told the House Financial Services Committee AI already improves AML, fraud detection, market surveillance and cybersecurity, while urging explainability, human oversight, and information sharing to manage new risks.

AI is revolutionizing fraud detection and cybersecurity in finance, but experts warn that without proper governance and transparency, the risks could outweigh the rewards.

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House Financial Services hearing splits over federal preemption and AI sandboxes 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.

A fierce debate is brewing in Congress over whether a national standard for AI could undermine essential state protections, igniting concerns from consumer advocates about the future of innovation and accountability.

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