US Treasury seeks public comments on AI use in financial services sector

FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a press conference ahead of the G7 Finance Minister and Central Bank Governors' Meeting in Stresa, Italy, May 23, 2024. REUTERS/Massimo Pinca/File Photo

(Reuters) - The U.S. Treasury Department said on Thursday it is seeking public comments on the use of artificial intelligence in the financial services sector.

The agency is looking to improve its understanding of the opportunities and risks presented by the development and application of AI within the sector.

Regulators have cautioned that the rapid adoption of AI could create new risks for the U.S. financial system if the technology is not adequately monitored.

U.S. Treasury Secretary Janet Yellen will warn that the use of AI in finance could lower transaction costs but comes with "significant risks," according to excerpts from a speech to be delivered to a Financial Stability Oversight Council and Brookings Institution AI conference on Thursday.

The Treasury said it is seeking inputs from a broad set of stakeholders and is particularly interested in understanding how AI innovations could help promote inclusive and equitable access to financial services.

The agency has encouraged members of the public to submit their comments within 60 days.

(Reporting by Arasu Kannagi Basil in Bengaluru: Editing by Tasim Zahid)

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