Tag Archives: Amy Aixi Zhang

The Future of AI Regulation: The RFI on AI from U.S. Banking Regulators

by Avi Gesser, Anna R. Gressel, and Amy Aixi Zhang

This post is Part I of a five-part series by the authors on The Future of AI Regulation.

Several recent developments provide new insight into the future of artificial intelligence (“AI”) regulation. First, on March 29, 2021, five U.S. federal regulators published a request for information (“RFI”) seeking comments on the use of AI by financial institutions. Second, on April 19, the FTC issued a document entitled “Aiming for truth, fairness, and equity in your company’s use of AI,” which provides seven lessons on what the FTC views as responsible AI use. Third, on April 21, the European Commission released their much-anticipated draft regulation on AI, which is widely viewed as the first step in establishing a GDPR-like comprehensive EU law on automated decision making. In this series on the future of AI regulation, we will examine each of these developments,  what they mean for the future of AI regulation, and what companies can do now to prepare for the coming AI regulatory landscape.

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Likely Policy Priorities of the Gensler SEC

by Kara Brockmeyer, Andrew Ceresney, Arian June, Robert Kaplan, Julie Riewe, Jeff Robins, Jonathan Tuttle, Charu Chandrasekar, and Amy Aixi Zhang

Gary Gensler was confirmed on April 14 in a 53-45 vote as Chair of the Securities and Exchange Commission (“SEC”).

Before his confirmation, Chair Gensler testified before the Senate Committee on Banking, Housing and Urban Affairs (“Banking Committee”) on Tuesday, March 2, 2021. Several key themes emerged in Chair Gensler’s testimony that signaled some of his likely policy priorities and directions for future initiatives at the agency.

Chair Gensler’s opening statement[1] and responses to questions provided perspective on three major policy themes: (1) the SEC’s potential role in using its disclosure, examination and enforcement authority to advance environmental, social and governance (“ESG”) and political spending priorities of the Democratic Party and Biden Administration; (2) market structure reforms, particularly in the equity markets in the wake of the WallStreetBets-related market volatility (though market structure reform more broadly will be a priority); and (3) digital asset and financial technology, and in particular, the regulation of cryptocurrency and new technologies.

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