New technologies, like artificial intelligence and digital assets, give scammers many new tools, and, frankly, I worry that our regulators will be quickly outgunned.

FSOC's comprehensive view of the financial system is critical because systemic risks rarely develop in ways that fall entirely within the jurisdiction of a single agency.

Many financial firms I talked to just told me that a reliable form of digital ID would really simplify the Anti-Money Laundering/Know Your Customer (AML/KYC) process, and make it faster, cheaper, and more reliable when they have to confirm the identity of customers.

I am happy to see FSOC identify artificial intelligence as an area of concern for the financial system.

If you find you need any specific encouragement from Congress, I think there will be bipartisan support for that.

In fact, last November, a cybersecurity breach of third-party service providers disrupted the operations of 60 credit unions across 40 States.

We would have been better off as a country to have subsidized the drone market so that we would dominate there.

AIG was famously referred to, if I remember correctly, by the Republican Federal Reserve Chair, Ben Bernanke, as a, 'healthy and well-run insurance company with a hedge fund grafted onto it.'

If we need an example of why oversight of nonbank financial firms is essential, we can look at China today.

We must instill transparency and accountability. We must protect American innovation from the political whims of unelected bureaucrats.

Yes. For example, if this was in place during COVID, when we had to onboard massive numbers of unbanked customers, but the customers had had a secure digital ID, would that have been a big improvement in our response to COVID?