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Speech by Governor Brainard on supporting responsible use of AI and equitable outcomes in financial services

January 12, 2021

As you might expect from a representative of the Federal Reserve Board, famous for its milquetoast statements from which prognosticators write novels, this kickoff to a symposium on AI in banking was largely informational in nature and provided few clues about the direction of specific regulations. The collection of resources from the footnotes alone is a valuable resource for deeper learning. That said, Governor Brainard did cover the Fed's own experimentation with AI for the purposes of oversight and their desire to learn about the applications of explainability for AI more broadly. He stated specifically that "we are exploring whether additional supervisory clarity is needed to facilitate responsible adoption of AI." Read into that what you will.

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