Bessent Could Add AI Czar Role to Treasury Duties; Formerly Led CFPB
Treasury Secretary Scott Bessent is under consideration to become President Donald Trump’s new artificial intelligence czar, potentially adding another major policy portfolio to an official who has already played a significant role in financial regulation, cybersecurity and international economic policy.
Reuters reported Sept. 22 that a person familiar with the discussions said Bessent could take the AI position, although a second source said no decision had been made. Trump previously said he planned to appoint an AI adviser and establish an “AI force.”
The potential appointment could be significant for financial services and receivables companies as federal policymakers determine how AI will be governed across areas including cybersecurity, financial technology, consumer protection and regulatory compliance.
Treasury Already Has a Role in Federal AI Policy
Bessent’s consideration for the position comes as Treasury has become increasingly involved in the administration’s AI initiatives.
A June executive order directed Treasury, along with other federal agencies, to help develop a classified benchmarking process for assessing advanced cyber capabilities of AI models and a voluntary framework for government access to certain frontier models. The order specifically includes financial institutions among the critical infrastructure sectors that could benefit from AI-enabled cybersecurity initiatives.
Treasury also participated in the administration’s Gold Eagle cybersecurity initiative, which uses AI capabilities to identify and coordinate responses to software vulnerabilities. Bessent said in July that Treasury was working with private-sector organizations to protect financial institutions and the integrity of the financial system.
According to Reuters, Bessent also recently participated in discussions with Chinese officials that included proposals for an AI safety notification mechanism and U.S.-China dialogue concerning AI and national security.
Financial Services Could Be Closely Connected to AI Policy
An expanded AI role for Bessent would connect emerging technology policy with an official already closely involved in federal financial policy.
Bessent has previously served as acting director of the Consumer Financial Protection Bureau in addition to his Treasury responsibilities. His potential AI appointment comes as the administration continues implementing an AI policy that emphasizes private-sector development, cybersecurity, and limited regulatory barriers.
The administration’s June AI executive order states that its policy is to promote innovation and security through cooperation with the private sector. It also specifies that its frontier-model framework does not authorize mandatory federal licensing, preclearance or permitting requirements for AI models.
