Mary Daly, the president of the Federal Reserve Bank of San Francisco, expressed concerns about the potential impact of artificial intelligence (AI) on the labor market. She acknowledged that AI could lead to job losses and disrupt various industries, particularly those involving routine tasks. However, Daly also highlighted the potential benefits of AI, such as increased productivity and the creation of new job opportunities. She emphasized the importance of preparing the workforce for the changes brought about by AI through education and training programs. Daly called for collaboration between policymakers, businesses, and educational institutions to ensure a smooth transition and mitigate the negative effects on workers. She stressed the need for a proactive approach to address the challenges posed by AI and ensure that the benefits are widely shared across society.
Source: https://time.com/6993983/sf-federal-reserve-bank-president-mary-daly-ai-labor-market/