Click here to watch Senator Blunt Rochester’s full remarks and exchange with the witnesses.
Washington, DC – In case you missed it, U.S. Senator Lisa Blunt Rochester (D-Del.), member of the Senate Banking, Housing, and Urban Affairs Committee, participated in a Securities, Insurance, and Investment Subcommittee hearing titled, “Guardrails and Growth: AI’s Role in Capital and Insurance Markets.” Blunt Rochester questioned witnesses on AI’s role in our financial system and why it’s important to ensure a level playing field for workers.
To watch Blunt Rochester’s full remarks and exchange with the witnesses, click here. Key excerpts can be found below:
Senator Blunt Rochester: “Thank you, Mr. Chairman, and thank you to the witnesses for attending today’s hearing. Dr. Cox, I would like to start with you…You mentioned specifically lower skilled workers become more productive but those jobs not being eliminated. So, as a former Secretary of Labor for Delaware focused on jobs, I would love to follow up with you later on that. For my questioning today, AI can spot unusual trading faster and help catch problems sooner. This can make capital markets safer and more transparent, especially if the firms can prove these problems really did happen with good records. For example, AI can look at suspicious trade patterns and alert regulators to investigate for potential market manipulation attempts. What concrete metrics should policymakers prioritize to validate that AI improves market oversight and stability?”
Dr. Cox: “That’s a great question. This is going to have to — evaluation in general is one of the most interesting parts of AI. Top level capabilities are very exciting but the question of how we measure things is really arguably the most important part of all this. I think that will have to happen industry by industry. It will have to happen with partners between public and private. Different stakeholders to be able to define what ultimately, how you are going to measure that progress. And in business, we do this all the time, measuring KPIs of our success. It’s an art, and I think it’s something that we all have to do together.”
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Senator Lisa Blunt Rochester represents Delaware in the United States Senate where she serves on the Committees on Banking, Housing, and Urban Affairs; Commerce, Science, and Transportation; Environment and Public Works; and Health, Education, Labor, and Pensions.