AI is rapidly transforming many aspects of the economy, and financial services is no exception. Firms and regulators alike are turning to AI for a variety of reasons, including to improve efficiency, reduce costs, enhance accuracy and detect misconduct. In recent remarks delivered at George Washington University, Commodity Futures Trading Commission Commissioner Kristin N. Johnson discussed the core benefits and risks associated with use of AI in financial services, as well as the May 2025 report to Congress (GAO Report) by the U.S. Government Accountability Office on the use and oversight of AI in financial services. This article discusses the key takeaways from Johnson’s speech and the GAO Report. See “CFTC’s Report Calls for Engagement and Development of AI Risk Management Frameworks” (Nov. 20, 2024).