US Treasury seeks public comments on AI use in financial services sector

by Reuters

The U.S. Treasury Department said on Thursday it is seeking public comments on the use of artificial intelligence in the financial services sector.

The agency is looking to improve its understanding of the opportunities and risks presented by the development and application of AI within the sector.

Regulators have cautioned that the rapid adoption of AI could create new risks for the U.S. financial system if the technology is not adequately monitored.

U.S. Treasury Secretary Janet Yellen will warn that the use of AI in finance could lower transaction costs but comes with “significant risks,” according to excerpts from a speech to be delivered to a Financial Stability Oversight Council and Brookings Institution AI conference on Thursday.

 

continue reading »