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At a two-hour hearing in Washington, D.C. on Friday, lawmakers questioned experts on bias in artificial intelligence, the struggle to attract skilled workers, and how to navigate and regulate an increasingly data-driven financial market, Bloomberg reports.

Why it matters, per Bloomberg: "The use of algorithms in electronic markets has automated the jobs of tens of thousands of execution traders worldwide, and it's also displaced people who model prices and risk or build investment portfolios," the former head of machine learning at AQR Capital Management LLC Marcos Lopez de Prado said.

What they're saying: “Financial machine learning creates a number of challenges for the 6.14 million people employed in the finance and insurance industry, many of whom will lose their jobs — not necessarily because they are replaced by machines, but because they are not trained to work alongside algorithms,” Lopez de Prado told the House Committee on Financial Services.

  • Kirsten Wegner, CEO of Modern Markets Initiatives called for regulation, recommending "funding resources, technological capacity and access to AI and automated technologies to be a strong and effective cop on the beat."
  • Rebecca Fender, senior director at the CFA Institute cited a survey of more than 3,800 respondents who anticipate their jobs to dramatically change over the next 5-10 years.

Go deeper... Big tech's next prey: Big Finance

Go deeper

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Google's parent shuts down effort to deliver Internet via balloons

Image: Loon

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Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's remote spots and also proved useful in the aftermath of disasters that shut down traditional infrastructure.

Dave Lawler, author of World
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What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

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