Treasury to Roll Out AI Success Manuals for Financial Firms
The Treasury Department will release six resources designed to enable secure and resilient artificial intelligence (AI) across the financial system.
The resources will be released in stages through the end of February, the Department said in a Wednesday (Feb. 18) press release.
They will provide an integrated approach to governance, data practices, transparency, fraud and digital identity that can be used when implementing AI in financial services, according to the release. The resources are designed to support resilience, cybersecurity and innovation.
The Treasury Department did not immediately reply to PYMNTS’ request for information about how the resources will be distributed to interested financial institutions.
The resources were developed by a public-private initiative called the Artificial Intelligence Executive Oversight Group (AIEOG), per the release.
A partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council, the AIEOG brought together senior executives from financial institutions, federal and state financial regulators, and other stakeholders to identify gaps in the financial sector’s use of AI and develop practical solutions, according to the release.
Treasury Secretary Scott Bessent said in the release that the project is part of the Trump administration’s efforts to ensure that the United States leads in the development of uses for AI, with the financial sector being a priority.
“This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system,” Bessent said.
William S. Demchak, chairman and CEO of PNC and executive member of AIEOG, said in the release that this public-private partnership has enabled an important step in addressing the challenges posed by AI.
“By clearly identifying and addressing the associated risks, financial institutions — regardless of size — are now positioned to harness the full power of this transformative technology, driving innovation and value for their clients while strengthening multiple facets of their organizations,” Demchak said.
The White House released America’s AI Action Plan in July, detailing President Donald Trump’s strategy to maintain U.S. leadership in the global AI race.
“As our global competitors race to exploit these technologies, it is a national security imperative for the United States to achieve and maintain unquestioned and unchallenged global technological dominance,” Trump said in the opening page of the AI Action Plan.
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