Scott Bessent: “The Council is committed to supporting efforts to modernize…”

“To address this risk, the Council is supporting expanded information sharing, joint monitoring and scenario based exercises and is emphasizing the need for regulated firms to manage cyber risk to tied to third party service providers. Third, The Council is committed to supporting efforts to modernize supervisory and regulatory frameworks for banks and credit unions going forward. Regulation and supervision should address material risk, enhance transparency and reduce unnecessary burdens, particularly for community banks. Fourth, the Council is prioritizing the responsible use of artificial intelligence to strengthen financial stability.” (09:32–09:41)

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