Two Republican senators have introduced legislation to block the U.S. Securities and Exchange Commission’s proposed rule to eliminate conflicts of interest that could occur from firms using artificial intelligence when interacting with investors, saying the predictive data analytics regulation would stifle innovation in the investment community. 

“American consumers will ultimately bear the cost of yet another SEC attempt to overregulate financial markets,” Sen. Bill Hagerty, R-Tennessee, said in a statement introducing the bill this week. “The agency should demonstrate the ability to securely manage its own technology before seeking to micromanage and hinder innovative technologies at private firms. I’m pleased to join this legislation that would block the SEC from enacting this ill-conceived rule.”