WASHINGTON— President Donald Trump said this week that rapidly advancing artificial intelligence could pose new risks to the U.S. financial system, while also arguing the technology could ultimately make banking “better and safer and more secure,” according to Reuters.
In an interview taped Tuesday and aired Wednesday on Fox Business’ Mornings with Maria, Reuters reported Trump acknowledged AI could “probably” undermine confidence in the banking system and said there “should be” government safeguards around the technology, including when asked about a possible “kill switch.”
The comments come as concerns over AI-related cyber and systemic risks in banking have escalated sharply in Washington. Reuters reported last week that Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell convened an urgent meeting with CEOs of major U.S. banks to warn them about cybersecurity threats tied to Anthropic’s new AI model, Mythos (see related story), which officials and experts fear could expose or exploit vulnerabilities in legacy systems.
Bloomberg first reported the closed-door meeting, saying Bessent and Powell summoned Wall Street leaders to discuss whether the new model could usher in a new era of cyber risk for the financial sector.