TNB Tech Minute: Bessent Responds to AI Safety Concerns

SPEAKER_1 (0:00)

This podcast is sponsored by McKinsey. Companies are moving faster than ever to integrate AI across operations. But while 90% of companies use AI somewhere in the business, research for McKinsey indicates only 6% are seeing material value. Later, join McKinsey to learn how AI can truly be used as an engine for growth.

Julie Chang (0:21)

Here's your afternoon TNB Tech Minute for Tuesday, September 15th. I'm Julie Chang for the Wall Street Journal.

House Financial Services Committee members questioned Treasury Secretary Scott Bessent today regarding AI risks. Bessent stated the Treasury Department has focused on AI safety since the limited release of Anthropic Claude's METHOS models and argued against giving AI labs liability exemptions.

Scott Bessent (0:46)

The best way to guarantee safety is that the creators are liable for what they build and generate.

Julie Chang (0:54)

Addressing AI labs going public, Bessent noted that liabilities must be clearly detailed in S1 filings and prospectuses, though added that quantifying those risks may be difficult. On global competition, he advocated for expanding US open-source models.

Crypto exchange CoinEx said it's shutting down, citing a prolonged market downturn and rising compliance costs. The closure comes less than three months after a journal article highlighted its popular use among Iranian users, including those linked to the Islamic Republic. According to blockchain intelligence firm TRM Labs, Iran-linked wallets processed over $3.8 billion through CoinEx since 2019 CoinEx pledged to block Iranian users following the report. CoinEx's founder said the decision to shut down was years in the making and not directly caused by curtailing Iranian operations.

Finally, federal regulators are probing whether Tesla's steering-wheel-free Cybercab conflicts with federal safety standards. In an order published today, the National Highway Traffic Safety Administration asked Tesla to confirm if the Cybercab can be driven by a human using temporarily attached manual controls. The EV maker's two-seater robotaxis lack pedals, mirrors and the steering wheel and currently operates paid rides in Austin, Texas. Tesla has said it plans to eventually sell the Cybercab to the public. Although Tesla claims the design meets all safety rules, selling a vehicle without traditional controls is unprecedented and may conflict with federal regulations. Tesla didn't respond to a request for comment. A spokesman for the agency declined to comment. And that's your TNB Tech Minute. Check back in the morning for another quick tech update.

SPEAKER_1 (2:42)

Companies seeking to fuel growth with AI should resist the temptation to rush into big swings, says McKinsey's Steve Reyes.

Steve Reyes (2:49)

It's very important to start with things that feel winnable to build momentum in the organization. You're building that muscle. You're also building the mindset of people being curious and figuring out how to use these tools and to think differently about what's possible.

SPEAKER_1 (3:02)

Reyes believes the principles that have driven growth for decades don't change because of AI. The highest AI performers use it to fundamentally redesign workflows, not just automate what's already there, demonstrating how AI's real value is in its potential to reward ambitious thinking.

Steve Reyes (3:16)

The exciting piece is to say, hey, this is how we do things. Put it to the side and ask the more fundamental question of what's the outcome we're trying to drive. And then how can we use AI to rethink the way we do things to enable that to be better? And what we typically find is when companies do that, they're rethinking the process and enabling people to be more effective, not just more efficient, and drive growth.

SPEAKER_1 (3:38)

For more, visit mckinsey.com.