Daniel Gorfine Testifies on "AI in Financial Services" before the U.S. Senate Banking Committee
On Wednesday, September 20, Daniel served as a witness before the U.S. Senate Banking Committee to discuss AI in financial services. Daniel detailed the evolution of AI in financial services, outlined existing legal and regulatory frameworks, and offered the following six recommendations to policymakers:
1. Encourage Innovation, but Monitor for Novel Risks
2. Enhance Clarity and Consistency across Agencies within Existing Risk Management and Activity-Specific Guidance
3. Modernize a Federal Data Privacy Framework
4. Avoid Hasty and Speculative Regulation that Can Chill Innovation
5. Monitor Broader Gen AI Developments & Discussions to Inform Financial Regulation; and
6. Prioritize Law Enforcement, Public-Private Collaboration, Tech Literacy and New Technologies to Combat Fraud and Scams.
Daniel's full testimony can be found here.