Dec 13, 2024 · The Board is committed to an artificial intelligence (AI) program for its staff that: Promotes the responsible use of AI and enables AI-related innovation; Mitigates risks associated with AI use through robust governance and strong risk management practices; Complies with applicable federal requirements related to AI use

Oct 1, 2024 · Artificial Intelligence, Big Data, and the Path Ahead for Productivity. At “Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work,” a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond, Atlanta, Georgia. Thank you, President Bostic.

Dec 6, 2024 · Our results provide useful insights into how well AI models do at deciphering FOMC communications and interpreting textual information focused on complex economic and financial market topics.

Bank regulators can leverage existing supervisory guidelines and principles when reviewing banks' use of AI models. In 2011, the Federal Reserve Board and the OCC jointly issued a document, "Supervisory Guidance on Model Risk Management," to provide banks with comprehensive guidance on how to manage the risks associated with their models ...

Nov 3, 2023 · The Federal Reserve System is exploring the potential of generative artificial intelligence through an “incubator” program that aims to test out the technology on real Fed problems.

Jul 15, 2024 · A series of panel discussions on how philanthropy and nonprofit organizations throughout the Bay Area are navigating the emergence of generative AI in the communities they serve.

May 14, 2024 · The San Francisco Fed, in close coordination with the Federal Reserve System Innovation Office, recently launched the EmergingTech Economic Research Network (EERN), a new initiative to better understand how emerging technologies like Generative Artificial Intelligence (GenAI) are shaping the economy of the future.

Nov 6, 2023 · While some agencies in the public sector have pumped the breaks on the use of generative artificial intelligence, the Federal Reserve System has set up a generative AI incubator, looking to be “bold” but responsible in its use of the technology, according to …

Apr 20, 2023 · The Federal Reserve has “regular discussions” with the banks it supervises about managing the risks associated with artificial intelligence, as more financial institutions utilize AI for...

Sep 22, 2023 · Since the public got its first taste of ChatGPT in late 2022, the promises and perils of human-like “generative AI” have dominated discussions about technology and economic growth. Artificial intelligence is driving a surge of investors hoping to ride a wave of world-changing innovation.