The U.S. Department of the Treasury is inviting public comments on the risks and opportunities presented by the use of artificial intelligence (AI) in the financial services sector.

As financial firms invest billions of dollars in AI technology, regulators are striving to comprehend and mitigate the potential risks associated with its use. The Treasury aims to deepen its understanding of AI applications within the financial industry, examining both the benefits and the risks, as well as identifying any obstacles to responsible AI use.

The Treasury's request for information seeks feedback on AI's impact on a wide range of stakeholders, including consumers, investors, financial institutions, businesses, regulators, and end-users. Additionally, it calls for recommendations on improving legislative, regulatory, and supervisory frameworks to better manage AI implementation.

The public has 60 days to submit comments. The Treasury is particularly interested in a diverse array of perspectives and aims to understand how AI innovations can contribute to a financial system that ensures inclusive and equitable access to financial services.

"Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions. Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services," said Nellie Liang, Under Secretary for Domestic Finance.

This initiative underscores the Treasury's commitment to fostering responsible AI development and ensuring that technological advancements benefit the entire financial ecosystem.