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Artificial intelligence is making forays into the financial industry — but the chairman of the U.S. Securities and Exchange Commission warns that increasing reliance is likely to trigger the next financial crisis.that it's "nearly unavoidable" that AI will lead to an economic crisis, calling on regulators to take measures to reduce AI risk factors in the financial sector.
What gives Gensler pause, he explained to the news outlet, is that the tech companies developing AI models for the financial industry are outside of the scrutiny of Wall Street regulators."I do think we will in the future have a financial crisis... in the after action reports people will say 'Aha! There was either one data aggregator or one model... we’ve relied on'," said Gensler. "Maybe it’s in the mortgage market. Maybe it’s in some sector of the equity market.
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