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The US Department of the Treasury is inviting public feedback on the implications of artificial intelligence (AI) in financial services, aiming to understand both the opportunities and risks associated with its use.
As financial firms increasingly invest in AI technologies, regulators are keen to comprehend and address the potential risks that come with its adoption.
The Treasury seeks to gain insights into how AI is currently employed within the financial sector, along with the opportunities and challenges it presents, including obstacles to its responsible use.
The request for information encourages feedback on AI’s effects on various stakeholders, including consumers, investors, financial institutions, businesses, regulators, and end-users. It also welcomes suggestions for improving legislative, regulatory, and supervisory frameworks.
Stakeholders have 60 days to submit comments, with the Treasury emphasizing its interest in diverse perspectives and particularly seeking input on how AI can promote a financial system that ensures inclusive and equitable access to financial services.
Under Secretary for Domestic Finance Nellie Liang commented, “Treasury is committed to fostering responsible innovation, especially concerning AI and financial institutions. Our engagement with stakeholders helps us better understand AI’s role in financial services.”
By soliciting input from a wide range of stakeholders, the Treasury aims to enhance its understanding of AI’s impact on financial services and develop effective policies to govern its use.
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