Overview

• Gensler believes AI could lead to future financial crises due to systemic risks and company interests superseding investors'
• He expects the US to end up with just 2-3 foundational AI models, increasing financial crash risk through interconnections
• Gensler stresses the need for companies to implement safe AI mechanisms rather than delegating full responsibility to technology
• Yellow trucking giant files for bankruptcy, eliminating 30K jobs and potentially losing taxpayer-provided pandemic relief funds
• Gensler calls for oversight and governance of AI to mitigate risks as adoption grows in finance