Fun

US Fed CIO says it’s ‘hard to justify’ hiring human coders over AI

News Feed - 2024-06-28 02:06:00

Tristan Greene7 hours agoUS Fed CIO says it’s ‘hard to justify’ hiring human coders over AIThe Federal Reserve’s leadership seemingly views generative AI as a “super analyst” capable of turbocharging the agency’s work process.700 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksLeaders at the United States Federal Reserve appear convinced that generative artificial intelligence (AI) tools will function as a “super analyst” for banks and the government — one capable of handling customer service duties for banks and replacing human programmers. 


Sunayna Tuteja, the Federal Reserve’s chief innovation officer, recently spoke at the Chicago AI Week event in a fireside chat with Margaret Riley, SVP at the payments unit of the Fed’s financial services division.


The topic of discussion was “Advancing responsible AI Innovation at the Federal Reserve System.” According to a report from financial news and analysis outlet Risk.net, Tuteja and Riley discussed five use cases for generative AI being explored by the Fed: data cleansing, customer engagement, content generation, translating legacy code and enhancing operational efficiency.An AI “super analyst”


Riley described the overall potential for generative AI as that of a “super analyst,” with the ability to make life easier for workers at the Fed and as a customer support specialist that could personalize and enhance banks abilities to interface with clients.


On the subject of “translating legacy code,” Tuteja appeared to lean into the idea that large language models (LLMs), such as ChatGPT or similar AI products, could replace some jobs traditionally reserved for humans:“It’s hard to justify [hiring] coding developers to update all old code to new code, but now you can leverage LLMs and then the developer becomes the auditor or the editor versus the primary doer.”Dangers and drawbacks


The two were careful to stress that generative AI and LLMs have their limitations and that the use cases discussed were exploratory at the present time.


While the risks of inserting generative AI systems into technology sectors where accuracy is important — such as finance — are well-documented, Tuteja issued a stark warning on the possible drawbacks of not implementing them:“We should think about all the risks of doing something new, but we should also ask ourselves: what is the risk of not doing something? Because sometimes the risk of inaction is greater than the risk of action, but the way to go forward has to be responsible.”


Related:Crypto losses to deep fakes could reach $25B in 2024 — Bitget# Federal Reserve# Banking# Banks# United States# AIAdd reaction

News Feed

‘Unpatchable’ flaw in Apple M-series chip may allow access to encrypted data
Savannah Fortis13 minutes ago‘Unpatchable’ flaw in Apple M-series chip may allow access to encrypted dataA new unpatchable vulnerability in Apple"s M-series of chips was discovered which could potentially allow hacke
A Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List ‘Potential Forked’ Token Markets
A Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List "Potential Forked" Token Markets Five days ago, the influential Chinese crypto miner, Chandler Guo, explained that
NFT Gaming Pioneer Vulcan Forged Launches New DEX for Gaming Tokens
NFT Gaming Pioneer Vulcan Forged Launches New DEX for Gaming Tokens press release PRESS RELEASE. Vulcan Forged has launched a new and revolutionary decentralized exchange for gaming
Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin
Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin press release PRESS RELEASE. New York, 09/27/22:US-based Posh Markets Inc has announced the pr
Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop
Martin Young2 hours agoMemecoin dumps, then pumps after Vitalik Buterin sells unwanted airdropThe memecoin took a massive hit after Buterin sold his entire 17 billion Neiro airdrop, but in a weird turn of events, it pump
OFAC’s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M
OFAC"s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M On August 8, the ethereum mixing service Tornado Cash, and all the crypto a
Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’
Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to "Close a Successful Funding Round" The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it
DWF Labs launches $20M fund for Web3 projects in China
Josh O"Sullivan7 hours agoDWF Labs launches $20M fund for Web3 projects in ChinaThe Cloudbreak Fund will invest in gaming finance, social finance, memecoins, derivatives, and layer-1/layer-2 projects across Chinese-speak
Biggest Movers: SHIB Surges 10% on Saturday, as NEAR Hits 2-Week High
Biggest Movers: SHIB Surges 10% on Saturday, as NEAR Hits 2-Week High SHIB was trading by as much as 10% higher on Saturday, as crypto markets were mainly in the green. NEAR was a
DOJ recommends harsher sentences AI-enhanced crimes
Tristan Greene2 hours agoDOJ recommends harsher sentences AI-enhanced crimesUsing AI to plan, commit, or help cover up a plan could lead to harsher sentencing in the US soon.649 Total views1 Total sharesListen to article
Crypto Twitter Speaks Up for Hal Finney’s Account, SBF Was Reportedly Told by Binance CEO: Stop Causing ‘More Damage’ — Bitcoin.com News Week in Review
Crypto Twitter Speaks Up for Hal Finney"s Account, SBF Was Reportedly Told by Binance CEO: Stop Causing "More Damage" — Bitcoin.com News Week in Review Bitcoiners on Twitter rec
Bitcoin Groupies Call Bullsh*t on 'Fraudulent' Satoshi Reveal
TwitterFacebookLinkedInThe Bitcoin community has a one-word response to the claim that Satoshi Nakamoto will reveal his true identity this week: "bullsh*t!" | Source: Shutterstock. Image Edited by CCN.