Washington, Feb 6 (IANS) Artificial intelligence has emerged as a priority risk for the US financial system, with Treasury Secretary Scott Bessent telling Congress that regulators are stepping up oversight of how AI is used across markets and institutions.Testifying before the Senate Banking Committee, Bessent said AI is one of four focus areas in the Financial Stability Oversight Council’s 2025 annual report. “The council is prioritizing the responsible use of artificial intelligence to str…
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Washington, Feb 6 (IANS) A sharp partisan clash over inflation, bank regulation and financial stability dominated a Senate Banking Committee hearing on as Treasury Secretary Scott Bessent defended the administration’s economic record and the Financial Stability Oversight Council’s 2025 annual report.Stressing growth and affordability, Committee Chairman Tim Scott warned against policies that burden households. “A system that slows growth, limits opportunity or prices families out of basic …
Washington, Feb 6 (IANS) Treasury Secretary Scott Bessent has told lawmakers that economic growth and household security are now central to safeguarding the financial system.Testifying before the Senate Banking Committee on Thursday, Bessent said the Financial Stability Oversight Council (FSOC) has moved away from what he called a reflexive approach to regulation. “Promoting economic growth and economic security is essential to ensuring financial stability,” he said.The hearing marked the fi…
Washington, Feb 5 (IANS) The United States has defended its sanctions-led foreign policy toward Iran and Myanmar, with Treasury Secretary Scott Bessent telling lawmakers that economic pressure remains a central pillar of Washington’s national security and global financial stability strategy. Testifying before the House Financial Services Committee on the Financial Stability Oversight Council’s 2025 annual report on Wednesday (local time), Bessent said the Trump administration continues to pu…
Washington, Feb 5 (IANS) The United States is moving to revive small and community banks, arguing that years of heavy regulation weakened local lending and slowed economic growth, Treasury Secretary Scott Bessent told Congressmen. Testifying before the House Financial Services Committee on Wednesday (local time), Bessent said community banks are critical to small businesses, agriculture, and housing, but have steadily disappeared since the global financial crisis.“More than 50 per cent of comm…
Washington, Feb 5 (IANS) Artificial intelligence is becoming a new focus for US financial regulators. Treasury Secretary Scott Bessent told Congress that AI can strengthen markets, but it also poses risks that require close monitoring.Bessent was testifying before the House Financial Services Committee on the Financial Stability Oversight Council’s 2025 annual report. He said AI is now one of the four top priorities for protecting the financial system. The others are Treasury markets, cybersec…