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In late 2020, the U.S. Congress advanced multiple AI-focused pieces of legislation that largely aim to shift the use of AI in government from research to production. Applying AI in practice requires ethical standards, robust data governance, sound data quality, and organizational support, among other factors. During these virtual discussions in the Data Coalition’s RegTech 2021 Virtual Series, presented by Donnelley Financial Solutions, thought leaders in AI from around the world will delve into what the new laws and promising practices mean for the U.S.’s adoption of AI alongside regulatory technologies to improve reporting processes for regulated entities while improving government’s analytical and oversight capabilities. With the expected reintroduction of the Financial Transparency Act (FTA) and other emerging federal regulatory activities in the United States, there is great potential in the future of RegTech to deliver on the promise of AI, including using the complete, correct, and accurate data that the FTA would deliver.
Building on suggestions offered from the private sector in the “Moving AI from Research to Production” webinar, this discussion focused on how the federal government is proceeding in implementing new AI directives under the Biden-Harris administration. The 1-hour virtual discussion featured short dialogues with senior-level government officials about use of AI in regulatory technologies, the relationship to data governance, and the application of ethical standards.