Federal banking agencies trying to ensure AI, ML benefit most rather than the few

As artificial intelligence and machine learning deploy across financial sectors, federal government needs a way to ensure standards for stability and inclusion are followed. Measuring risks and setting benchmarks for emerging fintech is top of mind for agencies such as the National Institute of Standards and Technology and the Commerce Department. In her first public engagement since being sworn in earlier this month, NIST Director Laurie Locascio told an audience at Stanford University on Wednesday that the president's 2023 budget request calls for an additional $80 million to expand and strengthen NIST capabilities for targeting critical and emerging technologies. Listing ways the agency is trying to enable trustworthy AI, she said NIST scientists and engineers are developing taxonomies, terminology and testbeds for measuring AI risks. "NIST is developing a resource center of documents, software and standards and related tools that continue to better understanding and better identification of measurement, and management of various risks associated with AI systems," she said during the Artificial Intelligence and the Economy Conference.