The U.S. Treasury is seeking public comments on the use of artificial intelligence in the financial services sector

(Reuters) – The U.S. Treasury said on Thursday it expects public comments on the use of artificial intelligence in the financial services sector.

The Agency wants to better understand the opportunities and threats presented by the development and application of artificial intelligence in this sector.

Regulators have warned that the rapid adoption of artificial intelligence could create new risks for the U.S. financial system if the technology is not properly monitored.

U.S. Treasury Secretary Janet Yellen has warned that the use of artificial intelligence in finance could lower transaction costs but carries “significant risks,” according to excerpts from a speech to be delivered Thursday at a conference of the Financial Stability Oversight Council and Brookings Institution AI.

Treasury said it is seeking feedback from a wide range of stakeholders and is particularly interested in understanding how AI innovations can help promote inclusive and equitable access to financial services.

The agency encourages citizens to submit comments within 60 days.

(Reporting by Arasu Kannagi Basil in Bengaluru: Editing by Tasim Zahid)