Former Fed Chair Ben Bernanke Joins Anthropic's Independent AI Oversight Trust

Former Fed chair Ben Bernanke joins Anthropic's AI oversight trust

July 9 (Reuters) - Anthropic said on Thursday it has appointed former U.S. Federal Reserve chair Ben Bernanke to its Long-Term Benefit Trust, an oversight body responsible for ensuring the AI startup remains committed to its public mission. A Nobel laureate in economic sciences, Bernanke led the Fed from 2006 to 2014, steering the central bank through the 2008 financial crisis. "The potential of ⁠artificial intelligence is enormous, and so is the range of outcomes. How that potential plays out will depend, in part, on the institutions we build around it," Bernanke said in a statement. Anthropic's Long-Term Benefit Trust is an independent body whose members are selected for their diverse expertise and have no financial stake in the startup. The company ⁠operates as a public benefit corporation, aiming to balance commercial success with social and public benefit. Bernanke joins Neil Buddy Shah, Richard Fontaine and Mariano-Florentino Cuellar on its Long-Term Benefit Trust. They ⁠are independent of the company's management and investors and have the power to appoint and remove a majority of its corporate ⁠board members. He chaired the economics department at Princeton and built a body of research on the Great ⁠Depression and the role banks play in financial crises -- work that earned him the Nobel Prize in 2022. Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar Our Standards: The Thomson Reuters Trust Principles., opens new tab

Anthropic appoints former Fed Chair Ben Bernanke to its independent trust

Anthropic on Thursday announced that it has appointed Ben Bernanke, the former chair of the Federal Reserve, to its Long-Term Benefit Trust, the company's independent governance structure that advises the company and appoints its board members. Bernanke served as Federal Reserve chairman from 2006 to 2014, having succeeded the late Alan Greenspan. Not long after taking office, he found himself in the middle of the worst economic collapse since the Great Depression when the financial crisis hit in 2008. Part of his legacy was taking the Fed into the realm of zero interest rates and quantitative easing. After leaving the Fed, he served in several capacities at organizations including the Brookings Institution, Citadel and Pimco. In 2022, he was awarded the Nobel Prize in economics for research on Great Depression causes. In his role as a member of Anthropic's Long-Term Benefit Trust, Bernanke will help the company understand how AI is changing the economy, according to a blog post. "Anthropic has created a unique governance structure to try to ensure that the long-run benefits of AI for humanity far outweigh the risks," Bernanke said in a statement. "I am honored to have this opportunity, and I will try to contribute in any way I can to this critical mission."

Anthropic adds Ben Bernanke to Long-Term Benefit Trust By Investing.com

Investing.com -- Anthropic appointed Ben Bernanke to its Long-Term Benefit Trust on Thursday. Bernanke, a Distinguished Fellow at the Brookings Institution and former Federal Reserve Chair, joins the independent body tasked with holding the AI company to its mission of responsible advanced AI development. Bernanke served as Federal Reserve Chair from 2006 to 2014, leading the central bank during the 2008 global financial crisis and subsequent recovery. He spent over 20 years as an academic economist, primarily at Princeton, where he chaired the economics department and conducted research on the Great Depression and banking's role in financial crises. He received the Nobel Prize in Economic Sciences in 2022 for this work. "The potential of artificial intelligence is enormous, and so is the range of outcomes. How that potential plays out will depend, in part, on the institutions we build around it," Bernanke said. "Anthropic has created a unique governance structure to try to ensure that the long-run benefits of AI for humanity far outweigh the risks." Daniela Amodei, Cofounder and President of Anthropic, said Bernanke's career spans studying economic reactions to disruptive moments and steering the world's largest economy through such periods. She said his judgment will help the company anticipate and respond to how advanced AI affects workforces and economies globally. Anthropic operates as a Public Benefit Corporation, balancing commercial success with social and public good. The Long-Term Benefit Trust provides oversight on how Anthropic develops and deploys AI. Trustees hold no equity in Anthropic, receive no profits, and are compensated only for their time and service. Existing Trustees select new members in consultation with the company. The Trust holds authority to appoint Anthropic board members and advises leadership on decisions involving AI risks and societal impacts. Bernanke joins Neil Buddy Shah, Richard Fontaine, and Mariano-Florentino Cuéllar on the Trust.