Washington, July 16 (IANS) Federal Reserve Chairman Kevin Warsh has said that “inflation is a choice” and pledged that persistently high price growth would not continue under his leadership, signalling that restoring price stability remains the US central bank’s overriding priority despite uncertainty over artificial intelligence, geopolitical tensions and other economic risks.Appearing before the Senate Banking Committee on Wednesday (local time) for his first semiannual monetary policy hearing…
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Washington, July 16 (IANS) Federal Reserve Chairman Kevin Warsh has said that the United States is witnessing the biggest wave of business investment in a generation, driven largely by artificial intelligence (AI), and predicted that the technology would ultimately create jobs, lift productivity and strengthen the American economy despite short-term disruption. Appearing before the Senate Banking Committee on Wednesday (local time) for his first semiannual monetary policy hearing since taking of…
Washington, June 12 (IANS) US lawmakers from both parties warned that America risks losing its technological edge to China unless it strengthens safeguards around artificial intelligence, as a Senate hearing highlighted growing concerns over national security, jobs and the rapid expansion of AI.At a Senate Banking Committee hearing on artificial intelligence, Chairman Tim Scott said the United States must ensure that AI strengthens the economy while preventing rivals such as China from gaining a…
Washington, June 2 (IANS) Two senior Democratic senators accused the Trump administration of allowing a loophole in US export controls that may have enabled some of America’s most advanced artificial intelligence chips to reach Chinese companies, potentially boosting Beijing’s military capabilities.Senator Elizabeth Warren of Massachusetts and Senator Andy Kim of New Jersey said the administration’s failure to update export-control regulations over the past 18 months may have inadvertently allow…
Washington, Feb 28 (IANS) US banking regulators defended sweeping efforts to recalibrate capital rules and formalise crypto oversight as senators clashed over Basel reforms, political “debanking” and consumer safeguards in a hearing with global implications for capital flows and digital finance.Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott said regulation must focus strictly on financial risk.“No law — no lawful business in Anderson, South Carolina or anywhere in…
Washington, Feb 6 (IANS) The US Treasury is betting that stablecoins backed by government securities can strengthen the global role of the dollar, with Treasury Secretary Scott Bessent defending new legislation on digital assets before Congress.Testifying before the Senate Banking Committee, Bessent praised the GENIUS Act, which requires stablecoins to be backed by high-quality liquid assets such as US Treasuries.“This framework has the potential to expand dollar dominance, increase global dem…
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…
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 …