The Trump administration today released an“action plan” for spurring the development of artificial intelligence technologies. Among its many provisions, the document calls for eliminating regulatory barriers to AI, sharing software and hardware with U.S. allies, and promoting rapid buildout of data centers.
The action plan also calls for bolstering infrastructure cybersecurity by establishing AI Information Sharing and Analysis Center led by the Department of Homeland Security, which will issue and maintain guidance to private sector entities pm responding to AI-specific vulnerabilities and threats.
In March, the American Bankers Association offered four high-level policy recommendations for administration officials as they developed the action plan, including the adoption of voluntary standards and frameworks to encourage cross-sector collaboration. ABA also noted banks are a model for how other industries can explore AI-enabled use cases in a fruitful and sustainable manner.
“The compliance requirements, model risk management expectations, and supervision by specialized regulators has resulted in an environment of trust and responsible innovation, a prerequisite for prosperity,” ABA said. “Accordingly, the financial services sector can be a leader to encourage the proliferation of these features. The framework under which banks operate can, with some clarifications and adjustments, effectively manage risk without endangering American dominance.”
