Federal Reserve Board - Artificial Intelligence (AI) Program
Dec 13, 2024 · The Board is committed to an artificial intelligence (AI) program for its staff that: Promotes the responsible use of AI and enables AI-related innovation; Mitigates risks associated with AI use through robust governance and strong risk management practices; Complies with applicable federal requirements related to AI use
The Fed - Using Generative AI Models to ... - Federal Reserve Board
Dec 6, 2024 · Our results provide useful insights into how well AI models do at deciphering FOMC communications and interpreting textual information focused on complex economic and financial market topics.
Artificial Intelligence and Bank Supervision | Richmond Fed
Bank regulators can leverage existing supervisory guidelines and principles when reviewing banks' use of AI models. In 2011, the Federal Reserve Board and the OCC jointly issued a document, "Supervisory Guidance on Model Risk Management," to provide banks with comprehensive guidance on how to manage the risks associated with their models ...
Understanding How Artificial Intelligence is Changing Advanced
May 14, 2024 · The San Francisco Fed, in close coordination with the Federal Reserve System Innovation Office, recently launched the EmergingTech Economic Research Network (EERN), a new initiative to better understand how emerging technologies like Generative Artificial Intelligence (GenAI) are shaping the economy of the future.
Federal Reserve stands up generative AI incubator - FedScoop
Nov 6, 2023 · While some agencies in the public sector have pumped the breaks on the use of generative artificial intelligence, the Federal Reserve System has set up a generative AI incubator, looking to be “bold” but responsible in its use of the technology, according to …
Fed in discussions with banks about managing risks of AI: Waller
Apr 20, 2023 · The Federal Reserve has “regular discussions” with the banks it supervises about managing the risks associated with artificial intelligence, as more financial institutions utilize AI for...
Federal Reserve looks to harness ‘generative AI incubator’
Sunayna Tuteja, chief innovation officer at the Federal Reserve System, said the Fed is approaching AI with “responsible innovation” at the forefront of its strategy. Tuteja is the Fed’s first chief innovation officer and previously worked as global head of emerging technology and strategic partnerships at TD Ameritrade.
Across the Fed, a mindful exploration of AI is underway
Sep 22, 2023 · Since the public got its first taste of ChatGPT in late 2022, the promises and perils of human-like “generative AI” have dominated discussions about technology and economic growth. Artificial intelligence is driving a surge of investors hoping to ride a wave of world-changing innovation.
Fed’s Cook calls for consensus in AI regulation
Oct 1, 2024 · Federal Reserve Governor Lisa Cook today called for a consensus to be reached in the regulation of artificial intelligence, which she sees as poised to have a “substantial effect” on U.S. and global markets.
Market developments and potential examinations of Federal Reserve System-supervised banks will inform future versions of this presentation and may alter its conclusions. What are AI and ML?