July 5, 2023 — New York’s Department of Financial Services’ (DFS) said it plans to buy an AI supercomputer to understand and regulate AI. A recent story by Bloomberg reported that New York DFS Superintendent Adrienne Harris, speaking at the Point Zero Forum for financial regulation in Zurich, said the department plans to procure a supercomputer for AI.
“When I say the DFS is looking at AI and machine learning it’s not limited to how we evaluate private sector use of those tools,” Harris said. “My vision is for DFS and other regulators to become the regulator of the future, meaning that we are embracing reg tech to the public advantage, using data driven approaches that leverage data analytics to enhance our ability to predict and respond to events in the marketplace.”
Bloomberg also reported that the state, after obtaining the hardware, plans to hire professionals to run the programs.
“All of the major players in private tech and software are moving toward AI,” said Harris. “That’s no secret, but it would be a huge missed opportunity for regulators to not make use of these tools as well.”
