June 6-7, 2024
The Financial Stability Oversight Council (FSOC) in partnership with the Brookings Institution, will host a two-day conference on Artificial Intelligence (AI) and Financial Stability. AI in financial services has grown rapidly. Innovations in AI can offer many benefits, such as reducing costs and improving efficiencies, but they can also introduce or exacerbate risks to the financial system. This conference will be an opportunity for the public and private sectors to convene to discuss potential systemic risks posed by AI in financial services, to explore the balance between encouraging innovation and mitigating risks, and to share insights on effective oversight of AI-related risks to financial stability.
The first day of the conference will be held at the U.S. Department of the Treasury on June 6, 2024, and the second day of the conference will be held at the Brookings Institution on June 7, 2024. A live webcast of the conference will be available to the public.
Event Details
June 6th
Time:
1:00pm-5:00pm
Location:
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
June 7th
Time:
8:30am-2:45pm
Location:
The Brookings Institution
1775 Massachusetts Ave., NW
Washington, DC 20036
Audience
Invitation only. If interested, please contact FSOC.Conference@treasury.gov.
Webcast
The event will be streamed on the day of the conference.
Media
This event is on the record and open to the media. For media inquiries, please contact christopher.hayden@treasury.gov.
Agenda
Agenda coming shortly.
Times | Event | Speakers |
---|---|---|
8:30-9:00 | Welcome & Registration | |
9:00-9:10 | Opening remarks | Aaron Klein, Miriam K. Carliner Chair and senior fellow in Economic Studies, Brookings Institution |
9:10-9:40 | Fireside Chat: | Moderator: Aaron Klein, Miriam K. Carliner Chair and senior fellow in Economic Studies, Brookings Institution Speakers: |
9:40-10:40 | Panel - Bad Data, Bad Output | Moderator: Stacey Schreft, Deputy Director for Research and Analysis, Office of Financial Research Panelists:
|
10:40-10:50 | Break | |
10:50 – 11:50 | Panel - Tech Meets Finance | Moderator: Panelists:
|
11:50 – 12:20 | Keynote | |
12:20- 1:00 | Lunch | |
1:00-2:30 | Breakout Sessions |
|
2:30-2:45 | Closing Remarks |
Speaker Bios
On January 26, 2021, Janet Yellen was sworn in as the 78th Secretary of the Treasury of the United States. An economist by training, she took office after almost fifty years in academia and public service. She is the first person in American history to have led the White House Council of Economic Advisors, the Federal Reserve, and the Treasury Department.
Janet Louise Yellen was born in Bay Ridge, Brooklyn in 1946. Her mother, Anna Ruth, was an elementary school teacher while her father, Julius, worked as a family physician, treating patients out of the ground floor of the family’s brownstone.
In 1967, Secretary Yellen graduated from Brown University and went on to earn her PhD at Yale. She was an assistant professor at Harvard until 1976 when she began working at the Federal Reserve Board. There, in the Fed’s cafeteria, she met fellow economist, George Akerlof. Janet and George would marry later that year. They would go on to have a son, Robert, now also an economics professor.
In 1980, Secretary Yellen joined the faculty of the University of California at Berkeley, where she became the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. She is Professor Emeritus at the university.
Secretary Yellen’s scholarship has focused on a range of issues pertaining to labor and macroeconomics. Her work on “efficiency wages” with her husband George Akerlof studied why firms often choose to pay more than the minimum needed to hire employees. These businesses, they found, are often making a wise decision. Firms that offer better pay and working conditions tend to be rewarded with higher morale, reduced turnover and greater productivity.
In 1994, President Bill Clinton appointed then-Dr. Yellen to the Federal Reserve Board of Governors. Three years later, he named her Chair of the White House Council of Economic Advisers.
In 2004, Secretary Yellen began her third tenure at the Federal Reserve, this time as President of the Federal Reserve Bank of San Francisco. From that post, she spotted a worrying economic trend – a bubble in home values. When the housing bubble popped in 2008, Secretary Yellen helped manage the resulting financial crisis and recession. In 2010, President Barack Obama, appointed her Vice Chair of the Federal Reserve, before nominating her to succeed Fed Chair Benjamin Bernanke as the nation’s top central banker. Secretary Yellen would serve as Chair of the Federal Reserve from 2014 until 2018.
On December 1, 2020, then-President-elect Biden nominated Dr. Janet Yellen to the post of Treasury Secretary. “She has spent her career focused on unemployment and the dignity of work,” he said, “She understands what it means to people and their communities when they have good, decent jobs.”
Prior to serving at the Treasury Department, Secretary Yellen was a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. During 2020-2021 she served as President of the American Economic Association. She is a member of the American Academy of Arts and Sciences and the Council on Foreign Relations. She was also a founding member of the Climate Leadership Council.
Secretary Yellen has served on the advisory boards of the Bloomberg New Economic Forum, the Committee for a Responsible Federal Budget and Fix the Debt Coalition (CRFB), and the Washington Center for Equitable Growth Steering Committee. She was elected to the Yale Corporation as an alumni fellow in 2000, serving until 2006.
Dr. Yellen has received honorary doctorates from Bard College, Brown, the London School of Economics, NYU, the University of Baltimore, the University of Michigan, the University of Warwick and Yale from which she also received the Wilbur Cross Medal for distinguished achievements in scholarship, teaching, academic administration, and public service.
Michael J. Hsu is the Acting Comptroller of the Currency and serves as the administrator of the federal banking system and chief executive officer of the Office of the Comptroller of the Currency. The OCC ensures the U.S. federal banking system operates in a safe and sound manner, provides fair access to financial services, treats customers fairly, and complies with applicable laws and regulations.
As Acting Comptroller, he also serves as a Director of the Federal Deposit Insurance Corporation and is a member of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council.
Prior to joining the OCC, he served as an Associate Director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors. In that role, he chaired the Large Institution Supervision Coordinating Committee Operating Committee, which has responsibility for supervising the global systemically important banking companies operating in the United States. He also co-chaired the Federal Reserve’s Systemic Risk Integration Forum, served as a member of the Basel Committee Risk and Vulnerabilities Group. His career has also included serving as a Financial Sector Expert at the International Monetary Fund, and as a financial economist at the U.S. Department of the Treasury helping to establish the Troubled Assets Relief Program, and the Securities and Exchange Commission overseeing the largest securities firms.
Mr. Hsu holds a bachelor of arts from Brown University, a master of science in finance from George Washington University, and juris doctor degree from New York University School of Law.
Professor Hilary J. Allen is a Professor of Law at the American University Washington College of Law. She is an internationally recognized expert on financial stability regulation and new financial technologies, including smart contacts and artificial intelligence, and has been invited to share her research and expertise with central banks and financial regulatory agencies in the US, Europe, and Australasia, as well as with international bodies including the IMF, IOSCO, G20, BIS, and Financial Stability Board. She has testified before the House Financial Services Committee and the Senate Banking Committee, and is the author of the book Driverless Finance: Fintech’s Impact on Financial Stability. Professor Allen has authored more than twenty law review articles and is regularly quoted in the popular press.
Professor Allen received her Bachelor of Laws from the University of Sydney, Australia, and her Master of Laws in Securities and Financial Regulation Law from Georgetown University Law Center. Prior to entering the academy, Professor Allen spent seven years working in the financial services groups of prominent law firms in London, Sydney, and New York. In 2010, she worked with the Financial Crisis Inquiry Commission, which was appointed by Congress to study the causes of the financial crisis of 2007-2008.
Samara Cohen, Senior Managing Director, is BlackRock’s Chief Investment Officer of ETF and Index Investments and a member of the firm’s Global Executive Committee (GEC).
As CIO for ETF and Index Investments, Samara leads the teams delivering the market quality and investment integrity of roughly $6.6 trillion of BlackRock’s index funds and iShares ETFs. Encompassing portfolio managers, risk managers, platform architects, and market structure developers, her teams continuously pursue better ways for clients to access expanding investment opportunities and seek to lead in the modernization of the indexing industry and ETF markets.
She earned a BS Econ in Finance from the Wharton School and a BA in Theatre Arts from the College of Arts and Sciences of the University of Pennsylvania. She earned an MBA from Harvard Business School.
Jon Fortt is co-anchor of CNBC’s “Closing Bell: Overtime” (M-F, 4PM-5PM). He created the weekly segments, “On the Other Hand” on “Squawk Box,” a one-man debate; and “Working Lunch” on “Power Lunch,” which features his in-depth interviews with news making CEOs such as Microsoft’s Sayta Nadella, Amazon’s Andy Jassy, AMD’s Lisa Su and Sanofi’s Paul Hudson.
Previously, he co-anchored CNBC’s “TechCheck” and “Squawk Alley.” Prior to that, he served as an on-air editor based at CNBC’s global headquarters in Englewood Cliffs, N.J. Fortt joined CNBC as technology correspondent in July 2010, working from CNBC’s Silicon Valley bureau where he covered the companies, start-ups and trends that are driving innovation in the industry.
Fortt is the creator of Fortt Knox, a digital show he launched in 2016 that features in-depth 1:1 interviews with founders, CEOs and innovators. In 2020, he created The Black Experience in America: The Course, an online resource for exploring history and culture.
Fortt came to CNBC from Fortune magazine, where as a senior writer he covered both large technology companies— such as Cisco, Hewlett-Packard, and Microsoft—and trends, including cloud computing and the smartphone revolution. Before joining Fortune in 2007, Fortt was a senior editor at Business 2.0 magazine where he produced the “What Works” section. From 1999 to 2006, Fortt wrote and edited at the San Jose Mercury News, Silicon Valley’s hometown newspaper. There he contributed to several efforts that won awards from the Society of American Business Editors and Writers.
Fortt graduated from DePauw University as a Media Fellow, with a B.A. in English.
Aaron Klein is Miriam K. Carliner Chair and senior fellow in Economic Studies at the Brookings Institution, focused on financial technology and regulation; payments; macroeconomics; and infrastructure finance and policy. Prior to joining Brookings in 2016, he directed the Bipartisan Policy Center’s Financial Regulatory Reform Initiative.
Between 2009 and 2012, Klein served as the deputy assistant secretary for economic policy at the Department of Treasury. He worked on financial regulatory reform issues including crafting and helping secure passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. He also played leading roles on responding to the economic crisis, housing finance reform, transportation and infrastructure policy, and Native American policy.
Previously, Klein served as chief economist of the Senate Banking, Housing and Urban Affairs Committee for Chairmen Chris Dodd and Paul Sarbanes. He worked on numerous pieces of major legislation, including the Emergency Economic Stabilization Act (aka TARP), Housing and Economic Recovery Act, and the SAFETEA Act of 2005—re-writing America’s surface transportation system.
Klein serves on the Board of the PC Project, a charity dedicated to finding a cure for Pachyonychia Congenita, and the American Academy of Political and Social Science. He serves on a Bellwether Commission at Washington University in Saint Louis, and previously taught at the University of Pennsylvania’s Wharton school of Business. Klein serves as an external economist for the National Homebuyers Fund, Astro America, provides occasional expert analysis for several groups including Gerson Lerhman Group, AlphaSights, Guidepoint, Raymond James, and the Native American Finance Officers Association, and is an expert witness.
Klein is a graduate of Dartmouth College and the Princeton School of Public and International Affairs.
Dr. Nicol Turner Lee is a senior fellow in Governance Studies, the director of the Center for Technology Innovation and serves as Co-Editor-In-Chief of the TechTank blog and podcast at the Brookings Institution, which is a global think tank headquartered in Washington, D.C. Dr. Turner's research encompasses equitable access to technology across the U.S. and abroad. Her portfolio also includes leading research and public policy work focused on the identification and mitigation of online biases in artificial intelligence systems. She has a forthcoming book on the U.S. digital divide titled Digitally Invisible: How the Internet is Creating the New Underclass (Brookings Press, August 2024). She has appeared throughout various news media, testified before Congress and international global governance bodies, and written extensively on tech and telecom issues. In 2022, she was recognized for distinguished career contributions by the American Sociological Association at the annual conference. She has her B.A. from Colgate University, and her Ph.D. from Northwestern University.
Established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council (FSOC) is charged with identifying risks to the financial stability of the United States; promoting market discipline; and responding to emerging threats to the stability of the U.S. financial system.
In her role, Sandra leads and manages the Office of the Financial Stability Oversight Council, which supports the FSOC by monitoring risks to U.S. financial stability; preparing research and analysis at the request of the Council; and coordinating the work of the Council’s interagency committees.
Prior to joining the Treasury in the Executive Office, Sandra was a Senior Vice President and the Director of the Policy Planning Office at the Federal Reserve Bank of New York. She also worked in the Legal Group at the FRBNY, where she provided legal support on Federal Reserve’s emergency financial stability programs and advised supervisory staff on bank regulatory matters.
Sandra began her career in private practice and served as a law clerk to the Honorable Michael Chertoff for the U.S. Court of Appeals for the Third Circuit. Sandra received her bachelor’s degree from Yale University and her law degree from New York University School of Law.
Terah Lyons is a Managing Director at JPMorgan Chase, where she is Global Head of AI Policy. In her role, she drives firmwide strategy, positioning, and engagement on AI policy issues, working closely with corporate and business partners across the firm. Terah is based in New York City and sits on JPMC’s Global Government Relations and Chief Data & Analytics Office management teams.
Terah joined JPMC in January 2024 and brings more than a decade of experience at the intersection of AI technology, business, and public policy. Most recently, she has been a Senior Advisor on AI and geopolitics for Albright Stonebridge Group and an Executive in Residence at Zetta Venture Partners. She serves as an Advisor to the Administrative Conference of the United States on the use of AI in public agencies and is an Affiliate Fellow at the Stanford Institute for Human-Centered Artificial Intelligence, where she sits on the board of the Stanford AI Index.
Terah was previously the Founding Executive Director of the Partnership on AI, a non-profit multistakeholder organization comprising industry, civil society, and academic institutions focused on developing research and voluntary standards for responsible AI development. She formerly served as Policy Advisor to the U.S. Chief Technology Officer for President Barack Obama, leading a portfolio focused on AI and emerging technology policy for the White House, during which period she directed the first country-level AI policy strategy for the U.S. Government.
Terah holds a B.A. from Harvard University.
Fabio M. Natalucci is a Deputy Director of the Monetary and Capital Markets Department with responsibility for the IMF’s global financial markets monitoring and systemic risk assessment functions. He oversees the Global Financial Stability Report that gives the IMF’s assessment of global financial stability risks. He is also responsible for monitoring and evaluating risks and opportunities in sustainable finance markets. Prior to joining the IMF, Fabio was a Senior Associate Director in the Division of Monetary Affairs at the Federal Reserve Board, where he conducted research and current analysis on the relationship between monetary policy, financial regulatory policy, and financial stability. Between October 2016 and June 2017, Mr. Natalucci was Deputy Assistant Secretary for International Financial Stability and Regulation at the U.S. Department of Treasury. His responsibilities included leading U.S. engagement on financial regulatory cooperation in the G-20, representing the U.S. Treasury at the Financial Stability Board, coordinating between domestic and international post-crisis regulatory reforms, and monitoring developments and vulnerabilities in global financial markets. Fabio holds a PhD in Economics from New York University.
Nick is Moody’s Analytics’ Chief Product Officer, responsible for defining and managing the company’s product strategy. He also leads Gen AI Enablement at Moody’s. With expertise in marketing, innovation, customer experience, and commercial strategy, he ensures a modern and customer-centric approach. Nick has a diverse background in banking, finance, technology, and insurance, with senior managerial roles in Australia, Hong Kong, and the UK. Nick's expertise drives efficient and effective product solutions for our customers.
As President and CEO, Lisa Rice directs the National Fair Housing Alliance’s (NFHA) mission to eliminate all forms of housing discrimination and ensure equitable housing opportunities for all people and communities. NFHA leads the fair housing movement and is the trade association for over 170 member organizations throughout the country.
Ms. Rice is a published author contributing to several books and journals addressing a range of fair housing issues including - The Fight for Fair Housing: Causes, Consequences, and Future Implications of the 1968 Federal Fair Housing Act; Designed for the Future: 80 Practical Ideas for a Sustainable World; Discriminatory Effects of Credit Scoring on Communities of Color; and From Foreclosure to Fair Lending: Advocacy, Organizing, Occupancy, and the Pursuit of Equitable Credit.
She is one of the nation’s leading experts on fair housing, lending, and Responsible AI policies having played major roles in crafting sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishing the Office of Fair Lending within the Consumer Financial Protection Bureau, and implementing other legislative and policy initiatives. She also helped lead the investigation and resolution of precedent-setting fair housing and lending cases securing remedies for millions of people as well as the elimination of systemic discriminatory practices. Ms. Rice serves on the Board of Directors of the Leadership Conference on Civil and Human Rights, Center for Responsible Lending, and FinRegLab as well as various Advisory Councils. She has received numerous awards including the National Housing Conference’s Housing Visionary Award and was selected as one of TIME Magazine’s 2024 ‘Closers.’
Stacey Schreft joined the OFR in 2015 and leads the Office’s Research and Analysis Center. Her areas of research expertise include financial crises, cyber risk, monetary policy, and payment systems. She holds a doctorate and master's degree in economics from the University of Minnesota, and a bachelor's degree, also in economics, from Smith College.
Rahul Varma is the Deputy Director for Product and Market Analytics Branch in the Division of Market Oversight of the Commodity Futures Trading Commission. In this role, Rahul has responsibility for monitoring market developments and performance and overseeing new product and product amendment filings. Rahul joined CFTC eleven years ago as an Associate Director in Market Surveillance where he had primary responsibility for surveilling all physical commodity markets. Prior to joining CFTC, he worked in the private sector in various roles including risk management and consulting, and at FERC in the Office of Market Oversight and Investigations.