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SEC Chairman Gensler warns of financial risks of AI ‘monoculture’
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Securities and Exchange Commission (SEC) Chairman Gary Gensler said the centralized artificial intelligence (AI) market, where financial players rely on only a handful of models, is fragile financial system.
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Gensler speaks at sponsored virtual fireside chat CitizensHe said he has high hopes for AI. He likens the trend toward centralization to the cloud provider and search engine markets.
“Try counting on the fingers of one hand how many cloud providers there are in the United States. Even fewer fingers, how many platforms would it take to do the dominant search in this world?” he said.
“I think it’s probably inevitable that we’ll have two or three, if not three, separate base models and data aggregators, measured on the fingers of one hand,” he added.
The pattern is Creating a “monoculture” Hundreds and thousands of financial stakeholders It relies on central data and central selection models, he said.
Gensler said financial regulators do not have the authority to oversee a “central node” on which the entire financial sector is likely to rely.
“And when those nodes are wrong, you end up with monoculture moving in one direction. Risks for this society and the financial sector as a whole” Gensler said.
Read the full report at TheHill.com.
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Welcome to The Hills technology newsletterwe’re Rebecca Klar and Julia Chapero – tracking the latest moves from Capitol Hill to Silicon Valley.
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How policies will impact the technology sector now and in the future:
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Alaska Airlines and Boeing responded with “massive disruption, fear, trauma, [and] A mid-air explosion on board an aircraft earlier this month caused “severe and extreme suffering”. The lawsuit, filed in King County Superior Court in Washington state, seeks damages for personal injuries after a door plug on a Boeing 737 Max 9 aircraft flew off during an Alaska Airlines flight.
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Airbnb is launching an initiative to consider how to address the national issue of housing affordability, with a focus on increasing supply and lowering prices. The company announced Wednesday the creation of a new housing council chaired by former Baltimore Mayor Stephanie Rawlings-Blake, who is also president of the U.S. Conference of Mayors. The council advises the company on partnerships and initiatives…
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Google has updated its message about Chrome’s “incognito mode” after settling a privacy class action lawsuit last month in which the company allegedly used the feature to collect data from users. The updated message clarifies that websites and services, including Google, can collect your data even when you browse in incognito mode. This comes weeks after the company settled a $5 billion privacy lawsuit that accused…
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news we reported tThe intersection of technology and other topics:
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Automakers expand hybrid vehicle options
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EU aims to crack down on AI-generated music
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The European Parliament is calling for new regulations aimed at: Promoting transparency TechCrunch reported on when streamed songs are generated by artificial intelligence.
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american action forum We are hosting an event to discuss The future of the Federal Trade Commission (FTC) Featured keynote speech by former FTC Commissioner Christine Wilson. The Hill’s Rebecca Klar will moderate a panel focused on the agency’s evaluation.
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Branch out with more reading on The Hill.
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Extremely cold weather can reduce the range of electric vehicles and make charging difficult.Here’s what you need to know
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PITTSFIELD TOWNSHIP, Mich. (AP) — Frigid temperatures from Chicago to North Texas for nearly a week have left electric car owners with reduced range and hours of waiting at charging stations. Life is becoming painful. It was discovered by television reporters on Monday in Oak Brook, Illinois, near Chicago.
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RIO VISTA, Calif. (AP) – Backed by Silicon Valley billionaires, $800 million over years to build a walkable, affordable and green new city between San Francisco and Sacramento The company, which has quietly bought up so much countryside, is now asking voters to accept its policies. idea. Jan Sramek, former…
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