The US Treasury Asks the Public to Provide Feedback on The Idea of Using AI in Financial Services

The US Department of the Treasury believes that there is potential in using artificial intelligence in financial services. However, it now seeks to hear the opinion of the public regarding both opportunities and potential risks of using advanced emerging technologies in the financial sector.

The First Step Toward Regulating AI’s Use In Financial Services

Over the last few years, since AI came under the spotlight, financial services companies have pumped billions of dollars into this new tech, seeking to harness the power of artificial intelligence. Meanwhile, those who are a little more cautious have been calling for AI regulations, which are still lacking at the moment, given that regulators struggle to understand this technology, as well as the associated benefits or potential risks.

Of course, if they struggle to understand it, they will also struggle when it comes to guarding against it. This is why the US Department of the Treasury now seeks to understand artificial intelligence and the way it is being used in the financial services sector, thus making the first step toward regulating its use.

The Treasury wants to understand both opportunities and risks, potential obstacles to the responsible use of this technology, and all the good that could come of it. This desire to take the first step led it to request information and ask the public for feedback on the extent of AI’s impact on consumers, financial institutions, investors, businesses, end-users, and regulators themselves.

Finally, the Treasury also wants recommendations for potential enhancements to regulatory, legislative, and supervisory frameworks.

The Treasury Wants To Hear All Opinions And Viewpoints

While there is a lot to do in order to regulate AI adequately, this is an important first step, and those who wish to contribute to making it happen can submit their comments in the next 60 days. The Treasury said that it wishes to hear a broad range of perspectives and arguments, both for and against, which will help it grasp the situation, as well as the public sentiment on the matter.

It is particularly interested to hear how artificial intelligence-related innovations can help promote a financial system that delivers inclusive and equitable access to financial services.

Commenting on the matter, Nellie Liang, the Under-Secretary for Domestic Finance, stated that the Treasury is proud to play this key role in spurring responsible innovation, particularly when it comes to AI and financial institutions.

“Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services,” Liang added