Yellen Warns of AI Risks to Financial Stability

Treasury Secretary Janet Yellen has voiced concerns about the potential dangers of artificial intelligence to the financial system's stability, warning that increased AI use could lead to scams, market manipulation, and biases in decision-making. While AI has improved fraud detection and customer service, Yellen highlighted the risks of faulty data, complex models, and inadequate risk management. The Treasury Department is seeking information from stakeholders to inform future policymaking and address these concerns. This comes amid broader government scrutiny of AI and tech giants, with antitrust investigations planned to prevent monopolies in the AI market. --- Send in a voice message: https://podcasters.spotify.com/pod/show/tonyphoang/message