Securities and Exchange Commission Chairman Gary Gensler testifies during a Senate Banking Committee hearing on Sept. 12, 2023, in Washington, D.C. (Photo by Drew Angerer/Getty Images)
The Securities and Exchange Commission chair has “macro” concerns about financial sector reliance on a couple large AI base models, especially since regulators would have no oversight…
The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., January 28, 2021. (Photo by SAUL LOEB/AFP via Getty Images)
The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., January 28, 2021. (Photo by SAUL LOEB/AFP via Getty Images)
Only three agencies have reported breaches, but 32 are known to have used the software at some point since 2006. And contract records aren't the most accurate.
The House Financial Services Committee's leadership is pushing legislation to standardize data at eight agencies, paving the way for RegTech and AI apps.