On February 11, 2019, President Trump signed an Executive Order (“EO”), “Maintaining American Leadership in Artificial Intelligence,” that launches a coordinated federal government strategy for Artificial Intelligence (the “AI Initiative”).  Among other things, the AI Initiative aims to solidify American leadership in AI by empowering federal agencies to drive breakthroughs in AI research and development (“R&D”) (including by making data computing resources available to the AI research community), to establish technological standards to support reliable and trustworthy systems that use AI, to provide guidance with respect to regulatory approaches, and to address issues related to the AI workforce.  The Administration’s EO is the latest of at least 18 other countries’ national AI strategies, and signals that investment in artificial intelligence will continue to escalate in the near future—as will deliberations with respect to how AI-based technologies should be governed.

Continue Reading President Trump Signs Executive Order on Artificial Intelligence

On Friday, April 21, President Donald Trump signed two presidential memoranda, directing the Secretary of the Treasury (the “Secretary”), Steve Mnuchin, to review two major provisions of the Dodd-Frank Act: orderly liquidation authority (“OLA”) for financial companies under Title II, and the decision-making processes of the Financial Stability Oversight Council (“FSOC”). Consistent with the Trump Administration’s February Executive Order ordering the Secretary to review financial regulations—which we discussed in a client alert—these memoranda highlight the Administration’s concerns with certain provisions of Dodd-Frank but will not effect major changes on their own.

Continue Reading Trump Directs Treasury to Review Dodd-Frank Orderly Liquidation Authority and FSOC Processes

As reported by Law360, European Central Bank (“ECB”) Executive Board Member and Supervisory Board Vice-Chair Sabine Lautenschläger suggested in a February 19 interview that the ECB intends to keep “European [banking] institutions on a tighter rein” than the United States appears to intend to do with domestic banks. Ms. Lautenschläger noted “it is imperative