Remarks by Under Secretary for Domestic Finance Nellie Liang on Artificial Intelligence in Finance

As Prepared for DeliveryI. Introduction Thank you to the OECD and FSB for organizing today’s roundtable, Artificial Intelligence in Finance, and for inviting me to speak.Artificial intelligence or “AI” has the potential to transform many aspects of our lives and society and, in the last year and a half, has captured our imaginations. But, like earlier waves of technology that offer great opportunities, it also brings challenges and fears. Financial firms have been using some kinds of AI for many years. Yet recent advances in computing capacity and the latest developments in AI – like generative AI or GenAI – represent a dramatic step up in its capabilities.