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Artificial intelligence is obviously taking over the world, but very few people are in power to actually program these these these artificial intelligence programs right and consciously or subconsciously, the artificial intelligence is getting programmed in the likeness of the person that's actually programming it, right, with their ingrained biases,
with their ingrained opinions. It's just human nature. Very very few black people, very few women, very few a variety of anybody other than a certain tech group of white men are actually in position to shape how artificial intelligence thinks, which could be extremely dangerous because if you have three percent of the popular one percent of the population that's programming one hundred percent of artificial intelligence, the artificial intelligence is going to think just like the one percent of
the programmers, and they're going to have, like I said, biases. So now you have artific visual intelligence that's racist, that has biased based on the programming that has been done. So are you guys thinking about that, and if so, are you having any level of input or are you looking to enforce some regulation on the programming of artificial intelligence so that it has some level of more diversity as far as the computers the way that they're actually programmed to think.
The great question. So the administration has issued an executive order on artificial intelligence. There's a lot of factors and a lot of planks, but to your point, one of the most important aspects of that executive order is that AI needs to be safe, and that there needs to be testing, and that it should be free of those kinds of biases. But I think that the problem that you've just tied up, I think goes back to why anti tryus is so important. Anti trust is about the
dispersion of economic opportunity. It's about removing structural barriers to economic opportunity. And the very fact that a small number of people, whoever they are, can control the market experiences of potentially hundreds of millions of Americans and people globally is just like right on the nose about what anti trust is intended to enforce. And so to me, it
sets up a choice between two paradigms. One is trying to fix flawed inputs, trying to make sure that you know data sets, and the objective function of some of these algorithms is you know, doesn't offend law and policy for good reason, And there's some people who favor that
as an anti trust enforcer. I'm thinking about the entire power problem, and so to me, I would not want one company, a small number of companies to have such outsize power, and so I favor structural approaches, which is to say, making sure that there isn't that kind of power in the first instance over AI. And again that is consistent with the anti monopoly tradition in this country
and the spirit of the anti trust laws. Right like, our first anti trust law is called the Sherman Act, and Senator John Sherman makes these impassion pleas on the floor of the Senate in eighteen ninety and he says that this stuff is antithetical to our form of government, that if we wouldn't endure an emperor, we shouldn't endure
the autocrats of trade. And I think that that's really resonant now, right Like, we think about the dominance of these companies and how four men, you know, maybe a few others are again having outsized control of every aspect of American life, and I don't believe it can be justified on legal, any trust grounds, or just basic notions of the foundations for democracy.
Any thoughts on what could be done to help black owned banks close the gap between how many of us are doing business with them versus their counterparts like JP Morgan, Bank of America, et cetera.
Sure, so banks are special financial institutions and there's actually a long history of how anti trust has been concerned about the financiers in consolidating important industries. At the Any Trust Division, we are thinking about bank merger policy because we know that forty nine percent of all black households in America are actually under banked, compared to just fifen percent of White America ernerds.
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An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang from Al Salvador accused of murdering a Texas. Man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States Secretary of
Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fine nearly one thousand dollars a day, imprisoned and deported, you will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally. Do what's right,
leave now. Under President Trump, America's laws border and families will be protected.
Sponsored by the United States Department of Homeland.
Security, and those statistics are according to the Federal Reserve. And black Americans are looking to cost are and offered predatory alternatives to banking institutions. And so the other problem is that when there's a lot of consolidation of banks, they become less sensitive to the needs of communities, which
ultimately affects the wealth of communities. And so we are rethinking our bank merger guidelines to be more lucid to all of the ways that bank merger consolidation can really harm communities when they are further and further away from communities. I should also say that there's a huge role of other federal agencies, to include the Federal Reserve, the CFPB, the OCC and others who are tasked with thinking about all of the non antitrust and all of the non
competition reasons to either permit bank mergers or not. And one of those important factors is convenience and need factors, And so I suspect that they will be more focused on the needs of communities because the consequences can really have awful knock on effects for black business formation, black home ownership, you know, and it's not just black people, right.
There's you know, really harrowing account of how bank consolidation has hurt folks all across the country, and how mergers have really hollowed out the middle of the country, which has a number of social, political, and economic consequences, you know, for all of us and and for the health of her democracy.
Yeah, the banking numbers, the statistics are pretty alarming. The six largest banks companies have it messed as many assets as all other bank holding companies combined. I mean, these these numbers are pretty startling. One lessons is that I want to regiate the one United the largest black home bank in the US manages sixty six hundred and twenty five million dollars in assets. In comparison, Bank of America manage is nearly two point five trillion, And so those numbers are pretty staggered.
When we talk about monopoly.
It feels right when we so what happened with regional banks, we saw what happened with minority old blanks as they see to continue to consolidate that gap wide and even further. I want to go back to something that Shatty was talking about when we talk about artificial intelligence. I wonder how you guys are approaching this in terms of the
job market. When we talk about working wage, when we talk about workers, there's a fear from people that jobs will be replaced and automation will become at the forefront of the new job movement. A lot of those jobs will are probably be taken are manned by people that look like us right now. And so how are we looking at this from an anti competitive standpoint?
You know, there's an entire body of research on the failures of competition in later markets that if we had another five hours to talk about, I would love to take you through all of it. On the AI example, in particular, I think that there are already realized fears of how artificial intelligence can make the conditions of work or the availability of work more tenuous. You know, it is a fact that technological innovation can wipe out a
number of jobs. Sometimes that's for reasons having nothing to do with violations of law, to include the anti trust laws. But other times, when they're really stark asymmetries of power between employers and their workers, there's good reason to think
about whether there's a competition problem in the market. I recently read, and I won't name the company, but I recently read that one of the sharing economy companies is thinking about using AI to figure out what wages or fares to offer workers, and that struck me as remarkably concerning, if not dystopian. It is worth thinking more about whether there are failures of competition market structures that allow them
to do that. But the fact is, some people are very desperate, and if your prior willingness to take extremely low wages essentially means that companies are going to offer you more of that. That is a reason to be concerned, and so we are taking all of this information in at the Justice Department. We're thinking deeply about it, and if we believe that the facts and the law warrant law enforcement on those issues, we will not hesitate to do so.
An illegal alien from Guatemala charged with raping a child in massachue An MS thirteen gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fined nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app and leave now, you could be allowed to return
legally do what's right. Leave now. Under President Trump, America's laws, border and families will be protected.
Sponsored by the United States Department of Homeland Security,