08/16/2024 | News release | Distributed by Public on 08/16/2024 07:47
Earlier this week, Prosperity Now submitted comments to the Department of the Treasury's Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector. Prosperity Now is dedicated to transforming current systems, practices, and policies in service of an economy that works for everyone. We believe the Treasury Department and other federal regulators have an important role to play in advancing the cause of equity in their oversight of AI technologies in the financial sector. In our comments, we recommended a package of supervisory, legal, and legislative actions that the federal government should take to foster the equitable and trustworthy development and use of AI including:
All of these actions would go a long way to fostering financial inclusion and ensuring that the proliferation of AI helps build a bridge toward economic equity rather than further widen the existing gap to an unbridgeable chasm.