In his Senate confirmation hearing, Kevin Warsh said the Federal Reserve should be forward-looking and reform-oriented when it comes to AI models like Anthropic’s Mythos.

Sen. Ruben Gallego, D-Ariz., wants the Financial Crimes Enforcement Network and other financial regulators to assess the effectiveness of AI in anti-money laundering investigations.

Financial regulatory agencies would house AI innovation labs to test projects without “burdensome regulation or expectation of enforcement actions” under the bipartisan, bicameral bill.

Jerome Powell told lawmakers that the technology’s impact on the economy is “probably not great” now, but it has the “potential to make really dramatic changes.”

Reps. Patrick McHenry and Maxine Waters introduce measures targeting the technology’s impact on housing and the financial sector.

An OCC official says the move reflects the evolving nature of threats and more robust guidance from NIST and CISA.

A bipartisan, bicameral bill would allow designated financial regulatory staffers to test the technology’s tools without the threat of such actions.

Priority open recommendations from the watchdog ding the financial regulators for lacking consistency in mechanisms to identify and respond to blockchain risks.

Watsonx.governance can help organizations manage their AI uses to meet coming regulations and monitor for issues, IBM said Tuesday.

Lawmakers say the Fed must do more to secure its systems from overseas interference.