What is sauce for the goose is sauce for the gander when it comes to implementing artificial intelligence in the capital markets industry insiders testified before the House Financial Services Committee’s Taskforce on Artificial Intelligence.
Taskforce chairman and ranking member Rep Bill Foster (IL-D) and Rep. Barry Loudermilk (GA-R) voiced bi-partisan concern that AI, and the big data which fuels it, could upend the capital markets eventually and lead to ever-consolidating markets.
Rep. Foster noted that consolidation and economies-of-scale are the natural byproducts of digital markets, and access to more considerable amounts of data provides fertile soil for market manipulation.
“For example, imagine what it would be worth if you had a 10-second early look at Trump’s Twitter feed,” he said. “Imagine how much money you could make off that.”