The U.S. Department of the Treasury is diving headfirst into the world of artificial intelligence (AI) within the financial services sector. With a recent request for information, the Treasury is seeking public input on the various uses, opportunities, and risks associated with AI in the financial industry.
Under Secretary for Domestic Finance Nellie Liang emphasized the importance of responsible innovation in the financial sector, stating that the Biden Administration is dedicated to fostering innovation while also protecting consumers, investors, and the financial system from potential risks posed by new technologies.
Through this request for information, the Treasury aims to gain a deeper understanding of how AI is currently being utilized within financial services, as well as the potential opportunities and risks that arise from the development and application of AI in this sector. They are particularly interested in exploring ways in which AI innovations can promote a financial system that provides inclusive and equitable access to financial services for all.
Members of the public are encouraged to share their perspectives on the topic within the next 60 days. Comments submitted in response to this request for information will be made publicly available on www.regulations.gov, allowing for a transparent and open dialogue on the intersection of AI and financial services.
This initiative by the Treasury highlights the importance of staying ahead of technological advancements in order to ensure that the financial sector remains secure, efficient, and accessible to all individuals and businesses. As AI continues to reshape the landscape of financial services, it is crucial for stakeholders to come together to discuss the potential benefits and challenges associated with this evolving technology.