US Treasury Secretary Scott Bessent stated on October 3, 2026, that AI companies must manage their own risks. He criticized industry leaders for issuing warnings about existential threats without proposing practical solutions, describing such rhetoric as alarmist.
Bessent emphasized that the government will not provide a liability shield to AI developers. He maintains that legal and financial accountability for system failures must remain with humans rather than the technology itself. The official urged companies to adopt self-regulation.
These remarks align with Bessent’s previous positions from September 2026, when he advocated for a voluntary pause in the development of frontier AI models. He has been raising concerns regarding AI and critical infrastructure since the spring of 2026.
The Treasury Department continues to monitor how advanced AI models interact with the financial system. While the administration aims to maintain the technological lead of the United States, it remains focused on potential threats that could undermine financial stability.
