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Yes, this is sorely needed, worldwide, but not for the reasons stated.

I would welcome an independent overview of all algorithms dealing with social media and finance markets, for example (and probably other areas). The algorithms are hidden behind "trade secret" statements, yet these things control our lives, make decisions about us, from custodial sentencing, through medical systems, financial market manipulation to more banal, yet, probably having the most impact on most people on a daily basis, search algorithms, advertising algorithms, social media post algorithms, biometric recognition (facial recognition).

And those are just the "legal" algorithms, there are probably just as many "dark" algorithms searching around for companies and individuals to attack.

For a look at "what could possibly go wrong", I thoroughly recommend reading Weapons of Math Destruction by Cathy O'Neil.

Algorithms are often "neutral", they aren't necessarily good or bad, but often it is the data they are fed that causes bias. Also, many of the more modern "AI" solutions can't even be tested in traditional ways. AI facial recognition "works", as long as you are a white male, because that is what these systems have mainly been tested on, up until recently. One demonstration of politicians in black America, where many of them were mis-recognised as wanted criminals is an obvious case for an algorithm that should be taken offline without delay, but there are hundreds, if not thousands of similar examples out there, where social or racial bias is unintended, but has huge consequences.

Self-regulation is a good start, but we should be prepared to follow through with independent bodies (also politically independent) that will oversee them going forward, if companies show that they can't or won't put proper controls in place to stop algorithms from producing wildly inaccurate results.