WASHINGTON (MITCHELLNOW) – U.S. Senator Mike Rounds (R-S.D.), chairman of the Senate Banking, Housing, and Urban Affairs Committee’s Subcommittee on Securities, Insurance, and Investments, today delivered opening remarks at a hearing titled “Guardrails and Growth: AI’s Role in Capital and Insurance Markets.”
This is the first Subcommittee hearing of the 119th Congress and the first hearing with Rounds serving as chairman. The hearing examined how artificial intelligence (AI) is transforming financial services and Congress’ role in fostering innovation while promoting transparency and accountability. The witnesses included Kevin Kalinich, Intangible Assets Global Leader at Aon; Tal Cohen, President of NASDAQ; and Dr. David Cox, Vice President for AI Models at IBM Research.
“We need regulatory frameworks that both support innovation and protect consumers,” said Rounds. “As AI continues to evolve, regulators also have an opportunity to modernize their own operations. AI can help agencies conduct smarter supervision, reduce unnecessary burdens on smaller institutions, and focus resources where they’re most needed. There’s a real opportunity for public-private collaboration in this space, and I hope today’s hearing helps us think more clearly about how to make that happen.”
Watch a clip of Rounds’ opening statement HERE.
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