Lawmakers call for AI in financial literacy, systems

By Andrew Rice
The Center Square

Lawmakers and industry leaders proposed implementing artificial intelligence to address gaps in financial literacy across the country.

The lawmakers spoke at Axios’ Financial Confidence event in Washington, D.C., on Tuesday. Reps. Josh Gottheimer, D-N.J., and Young Kim, R-Calif., said artificial intelligence would be essential to educating the public about financial responsibility.

“I think a lot of Americans have no access to financial assistance and it’s a huge issue because you leave some out and they don’t get the right advice or any advice whatsoever,” Gottheimer said.

Both lawmakers said artificial intelligence chatbots can act as personal financial advisors for people who would otherwise be unable to pay for the assistance. Kim cited ChatGPT as a source to obtain more information on tax refunds secured through the One Big Beautiful Bill.

“It will tell you how to invest,” Kim said. “It’s a free advisor!”

However, both lawmakers also warned against giving artificial intelligence models too much knowledge about personal financial information.

Gottheimer called for greater transparency and disclosure requirements from banks that use artificial intelligence, and when the tools are used to give financial advice.

“The key is being transparent, knowing there’s not some sort of big company getting some of a product that you’re not aware of,” Gottheimer said.

He pointed to artificial intelligence being used in the workforce as well. Gottheimer said AI will both create new jobs and allow for greater workforce training.

“Making sure that more people are able to have tools for the future so that they’re ready for whatever’s coming at you,” Gottheimer said.

Kim also warned of AI’s increased use to commit fraud and scamming schemes. She pointed to the PACE Act, legislation she introduced on Tuesday to allow payment companies to get approved for federal registration, cutting out other companies that handle payment processes in between.

“This means we’re going to build a faster, more efficient, more secure payment system that works better for everyday Americans,” Kim said.

She also called for greater rewards for people who make timely payments for goods and services. She said individuals who pay off credit card balances on time should be rewarded, rather than rewarded for going into greater debt.

John Hope Bryant, founder of Operation HOPE, spoke about the Trump administration’s recently unveiled Trump accounts.

The “Trump account” initiative was included in the “Big Beautiful Bill” signed into law in July 2025. It provides a $1,000 contribution from the U.S. Treasury Department to a tax-free account for babies born between Jan. 1, 2025, and Dec. 31, 2028. The program is set to launch on July 4.

Bryant said the administration’s idea is helpful for building financial literacy, but said it should be more politically neutral.

“The best way for the administration to get credit for it is not to try to get credit for it,” Bryant said. “If it has no edge attached to it and it just is something for everybody.”

Kim celebrated the Trump accounts and called for Congress to codify the program into law. She said the accounts can help educate students about financial literacy and help families manage their investments.

“We encourage students to be better incentivized to learn about how can I maximize those funds when I turn 18 and be able to invest those funds directly,” Kim said. “If something like this Trump account is working really well, why not make it into a permanent program?”