Next, financial analysts review the impact of Artificial Intelligence on Capital Markets. House Financial Services subcommittee examined ais impact on minorities. Cyber security measures, encouraging more young people to Study Technology and how the us can remainglobally competitive. The task force will come to order. Without objection the chair is authorized todeclare a recess at any time without objection. Members of the full committee not on this task force are authorized to participate in todays hearing. This hearing is entitled robust onwall street, the impact of ai on Capital Markets and jobs and the Financial Services industry. The chair will now recognize himself or five minutes or an Opening Statement area thank you all for joining us today for what should be avery interesting hearing of this task force. Today were looking at exploring how ai is being deployed at Capital Markets from automated trading to Portfolio Allocation to Investment Management decisions. Were going to co
[applause] good afternoon, everyone. As we settle in i often pick a word for the day. A kind of how i govern myself often times and my frame of mind. But today im going to take an image of the day if you look at your screen, one of our commissioners shared with me this image and i think it sets the tone and stage and underscores the importance of why we are here. This is a chinese book for kindergartners and even if you dont speak chinese, circled r. Two letters, ai. Kindergarten textbook. The senator talked about us getting ready from grade school to graduate school. Now we are talking about kindergarten or even pre k. If we are going to keep ahead and stay number one when it comes to ai so i just want to start with this image because again it really for me underscores the urgency of why this commission was formed and why its so important as we are here today. We have a broa had a broad mandh concrete steps the government should take to build and maintain a Machine Learning work force
[inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to order. The gentleman from colorado is recognized for five minutes. The other coloradan. Thank you for repeating today. Thanks for your testimony today. I just want to lock one thing down where i i heard to make answers from your earlier. Ms. Maloney was kind of going through a list of regulators, and wanted to know if you would wait for their approval, and she went to a whole laundry list of them and your answer was, for the parts that apply yes, yes,e going to go and seek their approval. Her used the word seek their approval. Other times you said we will get their approval. So just from facebooks standpoint, are you willing to seek the approval or are you going to wait for the approval before anything is launched . Congressman, it is the latter. Thank you for the opportunity to clarify that. We are not going to launch anything until we get the approval. I also, if its okay, want to
Without objection the chair is authorized today declare a recess of the committee at any time. This hearing is entitled an examination of facebook and its impact on the Financial Services and housing sectors. I now recognize myself for five minutes to give an Opening Statement. Today, were here to examine the impact of facebook on the Financial Services and housing sectors. Our sole witness is facebooks chairman and ceo, Mark Zuckerberg. Facebooks plans to create a Digital Currency, libra, and a digital wallet raise many concerns relating to privacy, trading risk, discrimination, opportunities for diverse owned financial firms, National Security, Monetary Policy, and the stability of the Global Financial system. I and other democrats have called for a moratorium on facebooks development of this Digital Currency, libra, and digital wallet until congress can examine the issues associated with a Big Tech Company developing these Digital Products and take action. As i have examined faceboo
Revolution is changing that. You have warned me not to get too close. It does look a little bit hazardous. This robot dog hasnt been programmed to walk. Its learning by itself. Its called reinforcement learning. What weve done here is, weve given it this task to try to kind of stand up and move forward. When it does well, one of the Computer Scientists gives it the digital equivalent of a pat on the head. I can see its doing better and better. Its strong. I try and put that in its way, and its stronger than i am. Yeah. Have you trained it to make a beeline for me . Uhhuh. I feel like im battling the ai here, and the als winning. In just a few hours, its moving around by itself, even coping with the unexpected. Im really feeling an instinct to help it, but that is, of course, not good. You know, its learning, and maybe it looks a bit mean sometimes when we push it around, but, really, werejust trying to see what it can handle and help it learn new behaviours. This robot dog is the brain