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In a speech of 13 November 2018, Lael Brainard, then a member of the Board of Governors of the Federal Reserve System, said that many AI tools and models arrive at conclusions that may be hard to explain and that the challenge of explainability can translate into higher uncertainty about the suitability of an AI approach. Copy claim link
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Supporting evidence: primary · 1 source; Context: primary · 1 source
Date 2018-11-13 · event Records dated 2018 → Role Articulation Register (kind of text) Nonfiction Scope and limits The speaker’s view with a disclaimer; she also states that opaque tools may be used subject to controls. Not a supervisory rule.
The evidence 03 primary source Supports the claim
What Are We Learning about Artificial Intelligence in Financial Services? ↗ Board of Governors of the Federal Reserve System · 2018-11-13
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Source excerpt “But AI can introduce additional complexity because many AI tools and models develop analysis, arrive at conclusions, or recommend decisions that may be hard to explain.” Location in source Section ‘Current Regulatory and Supervisory Approaches’, paragraph beginning ‘Let’s turn to the related issue of the proverbial “black box”’
How it was read Retrieved directly from the publisher
Machine-checked · 2026-11-06
Source details and check notes Authors Lael Brainard Version Retrieved for the candidate pack on 2026-11-02 (SHA-256 01494b9bbb20187796c78b884b4b8e71d7e78f2dac461d07bfe960248645f0c0). Retrieved again at admission on 2026-11-06 (SHA-256 c7b046d4199a6f37199c8da4cc3c7bc2d262915a28af0ce43e0e7cfe5affe8e3; web pages are served with new markup on each request). HTML speech page as served on 2026-11-02 (page states last update November 13, 2018) Canonical address Open the canonical source ↗ Accessed 2026-11-06 Language English (en) Attribution Lael Brainard, “What Are We Learning about Artificial Intelligence in Financial Services?”, 2018-11-13. Reuse No open redistribution licence asserted. Bibliographic metadata, editorial paraphrases and short attributed quotations (at most 50 words each). Recheck terms before wider redistribution. Check notes Candidate pack passage, AI and money (research/ai-money). The quotation (26 words) matched a fresh retrieval of 2026-11-06. Matching ignored differences of whitespace, case, quotation marks, dashes, line-break hyphens and Unicode compatibility forms. No human editorial review. primary source Supports the claim
What Are We Learning about Artificial Intelligence in Financial Services? ↗ Board of Governors of the Federal Reserve System · 2018-11-13
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Source excerpt “The challenge of explainability can translate into a higher level of uncertainty about the suitability of an AI approach, all else equal.” Location in source Next paragraph
How it was read Retrieved directly from the publisher
Machine-checked · 2026-11-06
Source details and check notes Authors Lael Brainard Version Retrieved for the candidate pack on 2026-11-02 (SHA-256 01494b9bbb20187796c78b884b4b8e71d7e78f2dac461d07bfe960248645f0c0). Retrieved again at admission on 2026-11-06 (SHA-256 c7b046d4199a6f37199c8da4cc3c7bc2d262915a28af0ce43e0e7cfe5affe8e3; web pages are served with new markup on each request). HTML speech page as served on 2026-11-02 (page states last update November 13, 2018) Canonical address Open the canonical source ↗ Accessed 2026-11-06 Language English (en) Attribution Lael Brainard, “What Are We Learning about Artificial Intelligence in Financial Services?”, 2018-11-13. Reuse No open redistribution licence asserted. Bibliographic metadata, editorial paraphrases and short attributed quotations (at most 50 words each). Recheck terms before wider redistribution. Check notes Candidate pack passage, AI and money (research/ai-money). The quotation (22 words) matched a fresh retrieval of 2026-11-06. Matching ignored differences of whitespace, case, quotation marks, dashes, line-break hyphens and Unicode compatibility forms. No human editorial review. primary source Context only
What Are We Learning about Artificial Intelligence in Financial Services? ↗ Board of Governors of the Federal Reserve System · 2018-11-13
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Source excerpt “These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee.” Location in source Footnote 1
How it was read Retrieved directly from the publisher
Machine-checked · 2026-11-06
Source details and check notes Authors Lael Brainard Version Retrieved for the candidate pack on 2026-11-02 (SHA-256 01494b9bbb20187796c78b884b4b8e71d7e78f2dac461d07bfe960248645f0c0). Retrieved again at admission on 2026-11-06 (SHA-256 c7b046d4199a6f37199c8da4cc3c7bc2d262915a28af0ce43e0e7cfe5affe8e3; web pages are served with new markup on each request). HTML speech page as served on 2026-11-02 (page states last update November 13, 2018) Canonical address Open the canonical source ↗ Accessed 2026-11-06 Language English (en) Attribution Lael Brainard, “What Are We Learning about Artificial Intelligence in Financial Services?”, 2018-11-13. Reuse No open redistribution licence asserted. Bibliographic metadata, editorial paraphrases and short attributed quotations (at most 50 words each). Recheck terms before wider redistribution. Check notes Candidate pack passage, AI and money (research/ai-money). The text’s own statement of whose views it gives, shown beside the record; it is context, not support. The quotation matched a fresh retrieval of 2026-11-06. No human editorial review. Status and meaning Editorial status. Machine-checked . Machines found this record and checked it against its sources; no person accepted it individually. Each evidence record above shows how it was checked.
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Date. Date the speech or remarks were delivered, as the text gives it.
Record ID am-u04-frb-2018-brainard-ai