The head of the Securities and Exchange commission is worried about impending doom for the country’s financial sector at the hands of artificial intelligence.
FILE - Flags adorn the facade of the New York Stock Exchange, Wednesday, June 16, 2021. The head of the Securities and Exchange commission is worried about impending doom for the country’s financial sector at the hands of artificial intelligence if rulemakers and Congress fail to step in to create guardrails.
“I do think we will in the future have a financial crisis in the after action reports people will say ‘Aha! There was either one data aggregator or one model we’ve relied on.’ Maybe it’s in the mortgage market. Maybe it’s in some sector of the equity market,” he said. Wall Street has used artificial intelligence for years to root out fraud, for brokerage apps, opening accounts and other tasks, but the potential promise its advancement can offer also has some in the industry calling for regulator to push pause.
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