US Treasury Seeks Public Input on AI in Finance, Citing Significant Risks
Treasury Secretary Janet Yellen highlights both opportunities and potential dangers of AI in her latest remarks, urging comprehensive risk management.
- The Treasury Department has opened a 60-day public comment period on AI use in financial services.
- Janet Yellen warns that AI's complexity and vendor concentration could create systemic risks.
- Yellen emphasizes AI's potential to lower costs and improve efficiency but stresses the need for robust oversight.
- The Financial Stability Oversight Council is prioritizing AI-related risks in its regulatory agenda.
- AI tools are already being used by the IRS and financial institutions to enhance fraud detection and customer service.
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