US Treasury asks info on AI risks in financial sector

ISTANBUL

The US Treasury Department on Thursday issued a request for public information on uses, opportunities and risks of artificial intelligence (AI) in the financial services sector.

The agency said it is seeking public comment on the uses of AI in the financial services sector, in addition to opportunities and risks presented by developments and applications of AI within the sector.

"Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions," Under Secretary for Domestic Finance Nellie Liang said in a statement. "Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services."

"The Biden Administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors, and our financial system from risks that new technologies pose," she added.

The agency, in addition, said it seeks to increase its understanding of potential obstacles to facilitating the responsible use of AI within financial institutions, the extent of its effect on consumers, investors, financial institutions, businesses, regulators, end-users and any other entity affected by financial institutions' use of AI.

It also requests recommendations for "enhancements to legislative, regulatory, and supervisory frameworks applicable to AI in financial services," and how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.