Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
Speaker 1: crossings are at the lowest levels ever recorded, and over
Speaker 1: one hundred thousand illegal aliens have been arrested. If you
Speaker 1: are here illegally, your next you will be fined nearly
Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
Speaker 1: never return. But if you register using our CBP home
Speaker 1: app and leave now, you could be allowed to return legally.
Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
Speaker 1: border and families will be protected.
Speaker 2: Sponsored by the United States Department of Homeland Security.
Speaker 3: Artificial intelligence is obviously taking over the world, but very
Speaker 3: few people are in power to actually program these these
Speaker 3: these artificial intelligence programs right and consciously or subconsciously, the
Speaker 3: artificial intelligence is getting programmed in the likeness of the
Speaker 3: person that's actually programming it, right, with their ingrained biases,
Speaker 3: with their ingrained opinions. It's just human nature. Very very
Speaker 3: few black people, very few women, very few a variety
Speaker 3: of anybody other than a certain tech group of white
Speaker 3: men are actually in position to shape how artificial intelligence thinks,
Speaker 3: which could be extremely dangerous because if you have three
Speaker 3: percent of the popular one percent of the population that's
Speaker 3: programming one hundred percent of artificial intelligence, the artificial intelligence
Speaker 3: is going to think just like the one percent of
Speaker 3: the programmers, and they're going to have, like I said, biases.
Speaker 3: So now you have artific visual intelligence that's racist, that
Speaker 3: has biased based on the programming that has been done.
Speaker 3: So are you guys thinking about that, and if so,
Speaker 3: are you having any level of input or are you
Speaker 3: looking to enforce some regulation on the programming of artificial
Speaker 3: intelligence so that it has some level of more diversity
Speaker 3: as far as the computers the way that they're actually
Speaker 3: programmed to think.
Speaker 4: The great question. So the administration has issued an executive
Speaker 4: order on artificial intelligence. There's a lot of factors and
Speaker 4: a lot of planks, but to your point, one of
Speaker 4: the most important aspects of that executive order is that
Speaker 4: AI needs to be safe, and that there needs to
Speaker 4: be testing, and that it should be free of those
Speaker 4: kinds of biases. But I think that the problem that
Speaker 4: you've just tied up, I think goes back to why
Speaker 4: anti tryus is so important. Anti trust is about the
Speaker 4: dispersion of economic opportunity. It's about removing structural barriers to
Speaker 4: economic opportunity. And the very fact that a small number
Speaker 4: of people, whoever they are, can control the market experiences
Speaker 4: of potentially hundreds of millions of Americans and people globally
Speaker 4: is just like right on the nose about what anti
Speaker 4: trust is intended to enforce. And so to me, it
Speaker 4: sets up a choice between two paradigms. One is trying
Speaker 4: to fix flawed inputs, trying to make sure that you
Speaker 4: know data sets, and the objective function of some of
Speaker 4: these algorithms is you know, doesn't offend law and policy
Speaker 4: for good reason, And there's some people who favor that
Speaker 4: as an anti trust enforcer. I'm thinking about the entire
Speaker 4: power problem, and so to me, I would not want
Speaker 4: one company, a small number of companies to have such
Speaker 4: outsize power, and so I favor structural approaches, which is
Speaker 4: to say, making sure that there isn't that kind of
Speaker 4: power in the first instance over AI. And again that
Speaker 4: is consistent with the anti monopoly tradition in this country
Speaker 4: and the spirit of the anti trust laws. Right like,
Speaker 4: our first anti trust law is called the Sherman Act,
Speaker 4: and Senator John Sherman makes these impassion pleas on the
Speaker 4: floor of the Senate in eighteen ninety and he says
Speaker 4: that this stuff is antithetical to our form of government,
Speaker 4: that if we wouldn't endure an emperor, we shouldn't endure
Speaker 4: the autocrats of trade. And I think that that's really
Speaker 4: resonant now, right Like, we think about the dominance of
Speaker 4: these companies and how four men, you know, maybe a
Speaker 4: few others are again having outsized control of every aspect
Speaker 4: of American life, and I don't believe it can be
Speaker 4: justified on legal, any trust grounds, or just basic notions
Speaker 4: of the foundations for democracy.
Speaker 5: Any thoughts on what could be done to help black
Speaker 5: owned banks close the gap between how many of us
Speaker 5: are doing business with them versus their counterparts like JP Morgan,
Speaker 5: Bank of America, et cetera.
Speaker 4: Sure, so banks are special financial institutions and there's actually
Speaker 4: a long history of how anti trust has been concerned
Speaker 4: about the financiers in consolidating important industries. At the Any
Speaker 4: Trust Division, we are thinking about bank merger policy because
Speaker 4: we know that forty nine percent of all black households
Speaker 4: in America are actually under banked, compared to just fifen
Speaker 4: percent of White America ernerds.
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Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang from Al Salvador accused
Speaker 1: of murdering a Texas. Man of Venezuelan charged with filming
Speaker 1: and selling child pornography in Michigan. These are just some
Speaker 1: of the heinous migrant criminals caught because of President Donald J.
Speaker 1: Trump's leadership. I'm Christy nom the United States Secretary of
Speaker 1: Homeland Security. Under President Trump, attempted illegal border crossings are
Speaker 1: at the lowest levels ever recorded, and over one hundred
Speaker 1: thousand illegal aliens have been arrested. If you are here illegally,
Speaker 1: your next you will be fine nearly one thousand dollars
Speaker 1: a day, imprisoned and deported, you will never return. But
Speaker 1: if you register using our CBP home app and leave now,
Speaker 1: you could be allowed to return legally. Do what's right,
Speaker 1: leave now. Under President Trump, America's laws border and families
Speaker 1: will be protected.
Speaker 2: Sponsored by the United States Department of Homeland.
Speaker 4: Security, and those statistics are according to the Federal Reserve.
Speaker 4: And black Americans are looking to cost are and offered
Speaker 4: predatory alternatives to banking institutions. And so the other problem
Speaker 4: is that when there's a lot of consolidation of banks,
Speaker 4: they become less sensitive to the needs of communities, which
Speaker 4: ultimately affects the wealth of communities. And so we are
Speaker 4: rethinking our bank merger guidelines to be more lucid to
Speaker 4: all of the ways that bank merger consolidation can really
Speaker 4: harm communities when they are further and further away from communities.
Speaker 4: I should also say that there's a huge role of
Speaker 4: other federal agencies, to include the Federal Reserve, the CFPB,
Speaker 4: the OCC and others who are tasked with thinking about
Speaker 4: all of the non antitrust and all of the non
Speaker 4: competition reasons to either permit bank mergers or not. And
Speaker 4: one of those important factors is convenience and need factors,
Speaker 4: And so I suspect that they will be more focused
Speaker 4: on the needs of communities because the consequences can really
Speaker 4: have awful knock on effects for black business formation, black
Speaker 4: home ownership, you know, and it's not just black people, right.
Speaker 4: There's you know, really harrowing account of how bank consolidation
Speaker 4: has hurt folks all across the country, and how mergers
Speaker 4: have really hollowed out the middle of the country, which
Speaker 4: has a number of social, political, and economic consequences, you know,
Speaker 4: for all of us and and for the health of
Speaker 4: her democracy.
Speaker 7: Yeah, the banking numbers, the statistics are pretty alarming. The
Speaker 7: six largest banks companies have it messed as many assets
Speaker 7: as all other bank holding companies combined. I mean, these
Speaker 7: these numbers are pretty startling. One lessons is that I
Speaker 7: want to regiate the one United the largest black home
Speaker 7: bank in the US manages sixty six hundred and twenty
Speaker 7: five million dollars in assets. In comparison, Bank of America
Speaker 7: manage is nearly two point five trillion, And so those
Speaker 7: numbers are pretty staggered.
Speaker 2: When we talk about monopoly.
Speaker 7: It feels right when we so what happened with regional banks,
Speaker 7: we saw what happened with minority old blanks as they
Speaker 7: see to continue to consolidate that gap wide and even further.
Speaker 7: I want to go back to something that Shatty was
Speaker 7: talking about when we talk about artificial intelligence. I wonder
Speaker 7: how you guys are approaching this in terms of the
Speaker 7: job market. When we talk about working wage, when we
Speaker 7: talk about workers, there's a fear from people that jobs
Speaker 7: will be replaced and automation will become at the forefront
Speaker 7: of the new job movement. A lot of those jobs
Speaker 7: will are probably be taken are manned by people that
Speaker 7: look like us right now. And so how are we
Speaker 7: looking at this from an anti competitive standpoint?
Speaker 4: You know, there's an entire body of research on the
Speaker 4: failures of competition in later markets that if we had
Speaker 4: another five hours to talk about, I would love to
Speaker 4: take you through all of it. On the AI example,
Speaker 4: in particular, I think that there are already realized fears
Speaker 4: of how artificial intelligence can make the conditions of work
Speaker 4: or the availability of work more tenuous. You know, it
Speaker 4: is a fact that technological innovation can wipe out a
Speaker 4: number of jobs. Sometimes that's for reasons having nothing to
Speaker 4: do with violations of law, to include the anti trust laws.
Speaker 4: But other times, when they're really stark asymmetries of power
Speaker 4: between employers and their workers, there's good reason to think
Speaker 4: about whether there's a competition problem in the market. I
Speaker 4: recently read, and I won't name the company, but I
Speaker 4: recently read that one of the sharing economy companies is
Speaker 4: thinking about using AI to figure out what wages or
Speaker 4: fares to offer workers, and that struck me as remarkably concerning,
Speaker 4: if not dystopian. It is worth thinking more about whether
Speaker 4: there are failures of competition market structures that allow them
Speaker 4: to do that. But the fact is, some people are
Speaker 4: very desperate, and if your prior willingness to take extremely
Speaker 4: low wages essentially means that companies are going to offer
Speaker 4: you more of that. That is a reason to be concerned,
Speaker 4: and so we are taking all of this information in
Speaker 4: at the Justice Department. We're thinking deeply about it, and
Speaker 4: if we believe that the facts and the law warrant
Speaker 4: law enforcement on those issues, we will not hesitate to
Speaker 4: do so.
Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in massachue An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
Speaker 1: crossings are at the lowest levels ever recorded, and over
Speaker 1: one hundred thousand illegal aliens have been arrested. If you
Speaker 1: are here illegally, your next you will be fined nearly
Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
Speaker 1: never return. But if you register using our CBP home
Speaker 1: app and leave now, you could be allowed to return
Speaker 1: legally do what's right. Leave now. Under President Trump, America's laws,
Speaker 1: border and families will be protected.
Speaker 2: Sponsored by the United States Department of Homeland Security,