NASHVILLE – Tennessee Attorney General Jonathan Skrmetti, along with attorneys general from 14 other states, has submitted a comment letter to the Department of the Treasury. The letter emphasizes the need for fair and unbiased regulation of artificial intelligence (AI) in the financial services sector, urging the Department to focus on financial reliability and consumer protection without politicizing AI regulation or blocking state laws.
In the letter, Tennessee Attorney General Skrmetti expressed concern about the potential for AI regulation to be influenced by political agendas, stating, “We need to ensure that foundational AI regulation in the financial sector does not fall prey to an Administration that has repeatedly abused its financial regulatory power to illegally impose activist mandates that have nothing to do with financial services.” He further highlighted the risk of ideological influences hindering AI development, potentially impacting American competitiveness and prosperity.
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The attorneys general underscored the benefits of integrating AI into financial services, noting its potential advantages for businesses and consumers. They stressed the importance of maintaining robust competition, fair consumer treatment, and fraud prevention. They also urged the Department not to create barriers to entry for innovative products that benefit consumers.
Additionally, the letter reminded the Treasury Department that it is not responsible for environmental regulation or cultural arbitration. The attorneys general emphasized that AI regulations should not be misused to further social or environmental agendas and should not facilitate the debanking of groups engaged in lawful activities, such as church missionaries or cryptocurrency entrepreneurs.
The letter also called for the Department to consider the effects of its regulations on competition and avoid preempting state oversight of financial services. The attorneys general insisted that states should remain co-equal enforcers of consumer privacy, consumer protection, and antitrust laws.
Attorneys general from Alabama, Arkansas, Florida, Idaho, Iowa, Louisiana, Mississippi, Montana, Nebraska, South Carolina, South Dakota, Utah, Virginia, and West Virginia joined Tennessee in this letter.
You can read the letter in its entirety here.
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