Trump backs AI safeguards in banking system, acknowledges risks after cybersecurity warnings
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Trump backs government AI safeguards in banking system, acknowledges risks
WASHINGTON, April 15 (Reuters) - U.S. President Donald Trump acknowledged the risks artificial intelligence posed to the banking system and said there should be government safeguards, but also believed the technology could make the banking system better and safer, according to an interview broadcast on Wednesday. Asked â if AI could undermine confidence in the banking system, Trump told Fox Business Network: "Yeah, probably. But it could also be the kind of technology that allows greatness in the banking system, makes it better and safer and more secure." On whether government should have some safeguards on AI â technology - a "kill switch," - Trump said, "There should be." Trump's interview with "Mornings with Maria" was taped on Tuesday. The U.S. president's comments came after cybersecurity experts warned this week that â Anthropic's new AI model, Mythos, could supercharge complex cyberattacks and poses significant challenges to the banking industry â with its legacy technology systems. Anthropic declined to comment on their warnings. It has said â Claude Mythos Preview will not be made generally available. Reporting by Doina Chiacu and Susan Heavey; Editing by Andrew Heavens and Alison Williams Our Standards: The Thomson Reuters Trust Principles., opens new tab
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Trump Backs Government AI Safeguards in Banking System, Acknowledges Risks
WASHINGTON, April 15 (Reuters) - U.S. â President â Donald Trump acknowledged â the risks artificial intelligence posed to the banking system and said there should be government safeguards, but also believed the technology could â make â the banking system better and safer, according to an interview broadcast on Wednesday. Asked if AI could undermine confidence in the banking system, Trump told Fox Business Network: "Yeah, probably. But it â could â also be the kind â of technology that allows greatness in the banking system, makes it â better and safer and more secure." On whether government should have some safeguards on AI technology - a "kill switch," - Trump said, "There â should be." Trump's interview with "Mornings with Maria" was taped on â Tuesday. The U.S. president's comments came after cybersecurity experts warned this week that Anthropic's new AI model, Mythos, could supercharge complex cyberattacks and poses significant challenges to the banking industry with its legacy technology systems. Anthropic declined to â comment on their warnings. It has said Claude Mythos Preview will not be made generally available. (Reporting by Doina Chiacu and Susan Heavey; Editing by Andrew Heavens and Alison Williams)
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President Donald Trump acknowledged that artificial intelligence could undermine confidence in the banking system and endorsed government safeguards, including a potential kill switch. His comments follow cybersecurity warnings about Anthropic's Mythos AI model potentially supercharging complex cyberattacks against banking infrastructure.
Trump Endorses Government Safeguards for AI in Banking
President Donald Trump has acknowledged the risks artificial intelligence posed to the banking system and voiced support for government safeguards, including what he described as a kill switch for AI technology
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. In an interview with Fox Business Network's "Mornings with Maria" taped on Tuesday and broadcast Wednesday, Trump offered a measured assessment of artificial intelligence within the banking sector, recognizing both its potential benefits and serious threats2
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Source: Reuters
When asked whether AI could be undermining confidence in the banking system, Trump responded candidly: "Yeah, probably. But it could also be the kind of technology that allows greatness in the banking system, makes it better and safer and more secure"
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. This dual perspective reflects the growing debate among policymakers about how to balance innovation with protection in critical financial infrastructure.Cybersecurity Warnings Prompt Presidential Response
The president's comments came against the backdrop of urgent warnings from cybersecurity experts this week about Anthropic's new AI model, Mythos. Experts cautioned that Claude Mythos Preview could escalate cyberattacks and poses significant challenges to existing banking infrastructure with legacy technology systems
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. The timing suggests these warnings may have influenced Trump's thinking on the need for AI safeguards in banking system operations.Anthropic declined to comment on the cybersecurity warnings but has stated that Claude Mythos Preview will not be made generally available
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. This decision to restrict access appears to acknowledge the serious risks AI poses when deployed without adequate controls, particularly in sectors handling sensitive financial data.Related Stories
Implications for Banking Sector and AI Regulation
Trump's endorsement of government safeguards marks a significant moment in the ongoing conversation about regulating AI technology in critical sectors. The banking system, with its complex legacy technology systems, faces unique vulnerabilities as artificial intelligence becomes more sophisticated. Financial institutions must now watch for potential regulatory frameworks that could mandate specific security measures or oversight mechanisms.
The short-term implications include heightened scrutiny of AI deployments in banking, with institutions likely facing pressure to demonstrate robust security protocols. Long-term, this could reshape how AI technology is integrated into financial services, potentially requiring certification processes or ongoing government oversight to enhance safety and security. Industry observers should monitor whether Congress acts on Trump's comments to establish formal AI safeguards in banking system regulations, and how financial institutions adapt their AI strategies in response to these emerging challenges to existing banking infrastructure.
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