Rep. Bill Foster gets new job, and it’s right up his tech alley – Crain’s Chicago Business

When you needs some votes, you call a politician. When you need help regulating the Googles, Amazons and Rocket Mortgages of the world, you call a geek—one who also happens to be a politician.

That’s the apparent logic behind naming Illinois member Bill Foster, D-Naperville—the only nuclear physicist in Congress—the chairman of a new Task Force on Artificial Intelligence of the House Committee on Financial Services.

Foster notes that the algorithms and big data that increasingly run the tech world have started playing a huge day-to-day role in your life, and aren’t too different than the ones he once used at Fermilab to figure out the probabilities of nuclear collisions.

“It is affecting everything from how we access our money to how we apply for mortgages and make financial investments,” he told me in a phone interview.

For example, machine-based programs rather than human beings increasingly determine whether you qualify for a mortgage, Foster told me. They’re behind why, out of the blue, you may get an email from your credit-card company asking if you really did make that charge, and determine whether you’ll even make the first cut in applying for a new job. And that’s not to mention election fraud and foreign interference in U.S. voting.

“Congress must make sure that responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small business,” said committee Chairwoman Maxine Waters, D-Calif., in a statement.

Foster said the task force probably will take a few months to examine what’s occurring before members roll out legislation.

Now, can he develop a system to make sure my property taxes go down next year?



via “Illinois Politics” – Google News

May 10, 2019 at 04:17PM

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