The task force will now come to order. Without objection, the chairs authorized to declare a recess at any time without objection members of the full committee are authorized to participate in todays hearing consistent with the committees practice. This hearing is entitled robots on wall street, the impact of ai on jobs in the Financial Services industry. The chair will recognize himself for five minutes for an opening statement. Thank you all for joining us today for what should be a having interesting hearing of this task force. Were looking at exploring how ai is being deployed in Capital Markets from automated trading to Investment Management decisions. Were going to consider how the use of this technology is changing the nature of work in Financial Services, rendering some jobs obsolete and changing the skill sets needed to excel in others. It would not be much of an exaggeration today to say that wall street is run by computers. I actually hear about those days from the limo driv
[background sounds] its my distinct pleasure at this time to introduce senator first from iowa. If you would please join me in welcoming the senator. [applause] good afternoon everyone. Hows the day going for you. Very good good. Thank you. I am joni ernst and in the junior senator from the great state of iowa another great honor of surfing my constituents in an area of course that many of us are very concerned about. Thats exactly why you are here today but again thank you katarina very much for the warm introduction and it is a privilege to help kickstart this commission. And i look forward to keeping up with all of the great work that you will be doing. It is truly incredible that such a Promising Technology like ai can touch who many sectors of our society. From government to academia and many other areas in between. And as a member of the senate on services committee, i viewed much of the development of ai through the lens of national security. Ai and Machine Learning art rapidly
Slowing economy. Joining us for the hour, stephanie link great to have you. What do you make of this market right now . I have fatigue over trade i really do. Its impossible every day it changes. So im trying to ignore it and focus on fundamentals. Today i thought we got some good data on the economy. The philly fed better than expected vince were better than expected meaning he they went own maybe were bottoming. Lets see the flash pmis tomorrow existing home sales up 5 yearoveryear good consumer, lets talk retail earnings have been very good Minus Department stores and some one office. I think that bodes very well for the consumer fatigue over trade but excitement over m and a. Very much so. Im still excited by trade. Im more excited about bristolmyers closed earlier than expected. Thats a great story for 2020. So theres a lot underneath the surface to this market of whats going on and thats what im trying to focus on versus trade. Lets get straight to that big story, the potential c
Out how a why france like many other western nations is becoming more unequal. And can Christine Legarde heal the rift inside the European Central bank from ultra cheap money to the way the bank votes the former head of the i. M. F. Is about to make some sweeping changes. The worlds biggest trade pact was just moments from being signed off when india pulled out indias Prime Minister Narendra Modi said the deal would hurt its farmers businesses workers and consumers. The Regional Comprehensive Economic Partnership would have brought together the 10 members of the association of Southeast Asian nations china japan south korea strayer and new zealand the remaining nations plan to push ahead with an agreement next year out of left a door open for india and its remarkable that a deal is coming together in a world that seems to be tired of globalization the 16 month trade war between the United States and china has yet to be a result of the progress is being made and various nations appear t
Is about to make some sweeping changes. The worlds biggest trade pact was just moments from being signed off when india pulled out indias Prime Minister Narendra Modi said the deal would hurt its farmers businesses workers and consumers. The Regional Comprehensive Economic Partnership would have brought together the 10 members of the association of Southeast Asian nations china japan south korea strayer and new zealand the remaining nations plan to push ahead with an agreement next year at have left a door open for india its remarkable that a deal is coming together in a world that seems to be tired of globalisation the 16 month trade war between the United States and china has yet to be a result of the progress is being made and various nations appear to be giving up on working together on trade from briggs it in the u. K. To make in india and of course president trumps make America Great again whats propelled growth for western nations has led to a backlash against chinas mercantile