BITS Response to Treasury AI Report

Washington, D.C. — The U.S. Department of the Treasury published a new report today on the benefits and risks of the use of artificial intelligence in the financial services sector. The report responds to President Joe Biden’s Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, issued in October 2023.

Chris Feeney, BPI Executive Vice President and President of BITS, issued the following statement in response:

We are encouraged by Treasury’s effort to proactively mitigate artificial intelligence risks and collaborate with industry to maintain a competitive and secure U.S. financial system. Today’s report acknowledges AI’s remarkable potential, the importance of ongoing public-private partnerships and the comprehensive regulatory regime already applied to banks. It also illustrates the industry’s existing ability to effectively manage technology risks and benefit customers through innovative new products and services.

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About Bank Policy Institute.

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.

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Austin Anton
Bank Policy Institute
austin.anton@bpi.com

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