Treasury’s Bessent backs Trump’s AI order, voluntary cyber callout

Source Domain: fedscoop.com

Treasury Secretary Scott Bessent defended a new AI executive order that encourages but doesn’t require participation from the federal government and industry on cybersecurity measures.
The order directs the formation of an AI cybersecurity clearinghouse within 30 days to manage software vulnerability detection, validation, and remediation.
Voluntariness of the collaboration in the executive order was criticized by Sen. Mark Warner as insufficient to protect national security and the banking system.
Warner also asked Bessent to develop regulatory clarity around the use of agentic AI in the financial services sector, emphasizing the need for a balance between innovation and consumer protection.
Bessent claimed that the order seeks a good balance between innovation and safety, and he has been working with large banks and tech companies to develop cybersecurity standards.
The AI vulnerability clearinghouse idea mirrors previous recommendations to foster a more robust cybersecurity framework for AI-related risks.

You may have missed