Federal Reserve Vice Chair Bowman: Regulators must consider how to address new technologies like Mythos

Goldman Sachs reports that on May 2nd, the top banking regulator of the Federal Reserve stated that regulators must consider how to best oversee new technologies like Mythos from Anthropic PBC. “On one hand, this capability allows companies to address vulnerabilities they identify themselves, thereby enhancing cybersecurity,” said Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, in a written speech on Friday. “But on the other hand, if maliciously used, it could be employed to identify and exploit weaknesses.” As Anthropic evaluates protective measures against this powerful new technology, it has restricted the release of its latest AI model. The model has also prompted Trump administration officials to consider the possibility of cyberattacks that could threaten financial stability.
In April, reports indicated that U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell recently met with Wall Street banks to discuss the potential risks posed by Mythos and to ensure banks take preventive measures to protect their systems. Bowman stated on Friday that such meetings are “extremely beneficial” in helping to ensure the banking system is protected. “Anthropic’s Mythos, an AI model capable of identifying cybersecurity vulnerabilities, highlights the dynamic nature of this technology and how quickly its capabilities can evolve,” Bowman said. Bowman emphasized that regulators must coordinate within the government and discuss emerging technologies with banks, while supporting the rapid development of AI tools. She also added that regulators are working on a report outlining standards for the adoption and use of AI.