""As this administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than in the financial sector," Treasury Secretary Scott Bessent said in a prepared statement. "This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system.""
"The department said it plans to release the deliverables from the working group in phases. The resources are meant to promote the confident and secure adoption of AI by financial institutions, which is part of a broader Trump administration goal to reduce regulatory friction and speed AI adoption across the economy. The guidance comes as banks and other financial institutions are rapidly deploying artificial intelligence tools for fraud detection, customer service, trading and risk modeling."
Treasury will publish six resources throughout February developed by the Artificial Intelligence Executive Oversight Group. The group originated from the White House AI Action Plan and convened senior executives from financial institutions, federal and state regulators, the Financial and Banking Information Infrastructure Committee, and the Financial Services Sector Coordinating Council. The resources aim to promote confident, secure AI adoption by financial institutions and strengthen cybersecurity and risk management of AI systems across the U.S. financial system. The initiative aligns with administration goals to reduce regulatory friction and accelerate AI deployment while addressing cybersecurity risks tied to sensitive data and third-party vendors.
Read at Nextgov.com
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