Remarks by Secretary of the Treasury Janet L. Yellen at the Financial Stability Oversight Council Conference on Artificial Intelligence and Financial Stability

As Prepared for Delivery Good afternoon. I would like to join Sandra in welcoming you to the Treasury Department for the first day of the Financial Stability Oversight Council’s Conference on Artificial Intelligence and Financial Stability.This is a topic that I—and my colleagues across Treasury, FSOC member agencies, and the Biden Administration—take very seriously. And it will only become more important in the years ahead. This Conference provides a key opportunity for the public and private sectors to discuss the opportunities and risks arising from AI and for us to share the Council’s work to date and our agenda for the future.I. Opportunities and RisksLet me start by briefly addressing the opportunities and risks of artificial intelligence.As I know many of you here today recognize, AI offers tremendous opportunities for the financial system.