The US Department of the Treasury is calling for public input on the opportunities and risks associated with AI in financial services. With billions invested in AI by financial firms, regulators are eager to understand and mitigate potential risks while leveraging AI’s benefits.
AI’s Growing Influence
As financial institutions increasingly adopt AI, the Treasury aims to deepen its understanding of AI applications and the balance between innovation and risk. The request for information seeks feedback on AI’s impact on consumers, investors, businesses, regulators, and end-users. The goal is to identify both opportunities and obstacles to responsible AI use in the sector.
Inclusive Financial Systems
The Treasury emphasizes the need for a broad range of perspectives, particularly on how AI can foster a more inclusive and equitable financial system. Stakeholders are encouraged to submit their comments within the next 60 days, offering insights and recommendations for improving legislative, regulatory, and supervisory frameworks.
Key Statements
Under Secretary for Domestic Finance, Nellie Liang, highlighted the Treasury’s commitment to fostering responsible innovation:
“Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions. Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services.”
Join the Conversation
This initiative represents a significant step in shaping the future of AI in financial services. By gathering a diverse range of insights, the Treasury aims to ensure that AI innovations contribute to a robust and inclusive financial ecosystem.
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