first join me in welcoming to the conference acting undersecretary brad smith. [applause] ♪ >> i am so excited to be here this morning. i will confess, i have never actually come into an event with theme music so my day has already started very strongly. i will also confess and i feel bashful about this, this is actually my first time attending aba. i was supposed to be her last year and had to get pulled away and we swap seats on someone covered for me but this event is so well-known and this group is so familiar to those of us in treasury that i am just excited to be here today. i'm also excited on a personal level because i will be chatting with heather true and heather and i go way back. we served in the justice department together and found our way to treasury through different routes and have taken over time a lot of lessons from industry to try and understand a little better what exactly goes on in the banking sector because truth be told, we are both really legal lawyers, not necessarily bankers that confront things daily so for me these opportunities ar

where karen had a chance to speak to the microsoft president brad smith. and as you heard in the headlines there, he's still committed to growth in europe. despite a change in the leadership in the white house. however, he urged faster adoption of ai. karen also spoke to smith over there as i just highlighted to you, and asked him about the importance of safeguarding this new technology. >> i would say it's three things. first i feel that we as a company and as an industry, are investing in building guardrails around ai. and in fact, if you look at all of the elections of 2024, it proved to be quite difficult for bad actors say the russians, for example, to really use ai to create deep fakes and that's because we got together in february and resolved as an industry through a tech accord that we would combat that. second, we're going to need to continue to invest in this space. ai is going to become more powerful and we need to continue to make it safe, secure, trustworthy and most importantly, i think easy for our customers to deploy. so that every service

so, right now everyone is doubling down, they are investing, as brad smith said in your interview, hes saying that they have to bet on this right now, it is a killer in a cornerstone for what microsoft are doing and what many other companies are doing, but at some point you have to than start delivering returns on that investment. and that is going to be the tipping point, when we will see whether this really is a long- term, sustainable situation or whether there is a bubble that burst and there's a bit of a reset. >> to the point around profitability, if we look at nvidia poll margins, they are fat, big chunky margins here, but they are also declining slowly in the latest set of core quarters, 78.9 in april, 75.70 july, dr. potentially 75 today and maybe 73 in the future. what you make of the decline that we are seeing some of the dissent in those margins and at what stage does that matter for market participants? >> some of that comes down to supplant obviously nvidia has been very constraint on supply, so it has been able to keep its prices high, some of that will come down to the

brad smith is president of microsoft, and had previously liaised with the vatican on its ai and ethicsto knit all of that together. without a! enhanced algorithms and tools, it would not have been possible to process this amount of data. but a! uses a lot of energy. and with so much concern around the environmental impact of artificial intelligence, is this the right technology to employ in the preservation of historically and culturally significant locations? i think we have to recognise that al is one of many things that uses electricity, and we in the tech sector need to both acknowledge and embrace that need, and we need to be committed, as we are, to making data centres become more efficient so they use less electricity. we need to be committed, as we are, to investing to bring online additional sources of electricity. we need to invest in additional sources of carbon free energy for electricity. while the vatican seems happy to employ al to help preserve one of its most significant sites, how does the church feel about the effect of artificial intelligence on the wider world? car

while many have said china remains behind the u.s., brad smith the president of microsoft was discussingionship when it comes to tech. let's listen in. >> there's an opportunity to increase the speed of exporting so we can bring our technology to the world faster. let us bring it to the middle east and africa and the rest of asia. we should get moving faster and that will be good for the united states and the rest of the world. >> the key is to get ai adoption increasing and increasing a lot faster to put forward digital transformation. that's all the chatter here from the ground at web summit and plenty more conversations of that nature going on here for now frank, back to you. >> all right, great to see you as always. live from the biggest tech conference there in europe there in lisbon. great to you. >>> we get weekly mortgage apps and latest cpi data and also watching from earnings from cisco and sonos. also a trio of central bank chiefs are going to speak today and also senate republicans are set to elect the new majority leader when house republicans will also hold their leadership

influence on american banks with the treasury departments acting under second terry -- secretary brad smith. he discusses how policies impact investigations into final -- financial crimes. this event was hosted by the american bankers association.

if you think of brad smith and how he goes down to washington.learned from what happened in the 1990s that they did not want to, you know, give the heisman, basically, to the government because that gets you in a lot of trouble. you're never going to win when the government wants information. they have been very cooperative in all of these things since then. the big question is what happens under a trump administration but a trump administration is what started lots of these investigations into the big tech companies to begin with. just because the trump administration is going to be more antiregulatory, looking at ways to strip down regulatory actions, i don't know if that holds when it comes to some of the big tech companies. what do you think, megan? >> that's exactly right. there's sort of some strange bed fellows here, the trump white house in the first term, and we expect it to be tough on big tech. you were at the headline of mark zuckerberg being down in mar-a-lago. a lot of ceos recognize that and are trying to get ahead of it, and tryin

microsoft's reaction is to have brad smith, who is in washington all the time, say let us help you howeverthe last activision blizzard situation. they changed their dealings with washington. it's a major focus of how that company operates and jor of how they dealt with it. >> we will see how matt gaetz deals with all of these issues soon enough. >> even google chrome? >> even saying. that i don't know his feelings on that. i did see elon musk say something. >> the google case started under trump. >> it did. elon says the real test of how good a.i. is is that it would be able to predict the future. you would think that which you don't think -- >> i thought we wanted them to be smarter than people. who could predict the future? >> that's how smart it could be. the other thing is he's not a libertarian. he says the government, when it does things, is not great at them because it has no incentive to satisfy customers. i guess that's what we always said. if you don't have a profit incentive which makes you watch everything and mind your ps and qs. >> the doge op-ed in the journal and vivek and

you have the a-team with people like brad smith and others.tition, allow this a.i. wave to raise productivity there. but i think this is everything in finance with the s.e.c. and fixing that and allowing new competition there for the first time, because right now, you have to pay lawyers $100 million to compete with the big guys. i think that's there. and anyway, you can go on. there's every area there. for me, i'm really passionate about defense and procurement there. i think defense is generally a nonpartisan thing in our country, but everyone kind of agrees, you need to be bold to fix it and to allow more competition. >> that's what i was going to askyou. on the defense piece, which is something you're heavily involved in, how you see that getting fixed, given all of the pork projects and other things -- i mean, there's certain things i imagine that can be done around the edges without help from congress, but i would imagine most of the sort of critical component features of what the defense spending and policy looks like is something that

brad, right thing to do for jack smith?> i don't think he who a choice and over 77% of the american public think these prosecutions are politically motivated including a lot who voted for kamala harris. this is jack smith accepting the will of the american public. >> agreed. better to quit. get out of the country, my advice. >> traumatic. talking about this throughout ÷÷the morning. straight ahead on cnn, john bolton joins us, what he sees as donald trump assembles his second white house. >>> and mike johnson fighting to hold on to the gavel we'll hear from congressmen from both sides of the aisle. >>> and president- elect trump picks mike huckabee to be the next u.s. ambassador to israel. will any of his past comments complicate an already tense situation in the middle east? >>> you're seeing a scrambling all over the middle east of countries suddenly trying to behave differently because they know a new sheriff has come to town and this isn't a one- bullet barney with a bug it in his shirt pocket. this is the real deal. dr

. >> well, congressman goodman said the same thing is critical in that way of both smith and garland. brad, i know you've congressman goldman said that for retribution, and revenge. >> well, well, you know, i think that 62% of the american public thought these charges were politically motivated. now that includes a lot of people who voted for kamala harris and the department of justice has long since already been weaponized. and going after political enemies. you had the richmond field office saying that people who are conservative catholics should be considered potential terrorists. you had merrick garland himself authored a memo that said, parents who go to school board's conservative parents to complain they should be treated as domestic terrorists. i mean, this justice department is in ill repute in the united states right now. and they earned it. and so i would hope that pam bondi goes in and restores the confidence of the american public in the department of justice. that may be require a little investigation, but it won't be political retribution. it will be in the public interest.

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smith? >> i'm not a lawyer, but i will say this -- look at the secretary of state in georgia, brad raffenspergers lawsuit brought against him. the cost -- i'm not talking about the emotional cost, the number of threats against him and his family. the actual monetary cost was half a million dollars. to find one way to the courts, to get it dismissed. >> right. >> yeah. >> in fact, friends of his started a fund, they said he's fine, he was able to pay. he's fortunate. he was able to pay the half million dollars. but they were concerned about other people who will find themselves in this situation, in this particular case they were talking about election workers. but people who do not have half a million dollars sitting in the bank to fight a lawsuit based on charges that may be questionable, also you don't know what judge it's going to go in front of. >> every time donald trump got on that rally stage and said i'm going to go after my political opponents, that is what the people who voted for him support. >> and obama in orange jumpsuits, hillary clinton, as well. all of these folks. >> i don't ta

representative claudia tenney from new york, brad schneider from illinois and dina titus from nevada, for joining me in introducing this legislation and i want to thank mr. smith for his long support and leadership on this bill. mr. speaker, today right now there are american citizens being held captive by terrorist groups and foreign adversaries. under our current law, americans who have been detained illegally abroad may be subject to certain tax penalties and i.r.s. fees. it is our responsibility to bring these americans home and, frankly, to fix this unacceptable flaw in the federal tax code. the last things that americans should have to deal with is more government red tape and bureaucracy. h.r. 9495 also works to prevent tax abuse in our tax code. since the horrific attack on israel by hamas, the ways and means committee has investigated terror groups and bad actors that threaten the u.s. and our allies. one finding, mr. speaker, which should enrage all of us, is that there are tax-exempt nonprofits operating in the united states, despite being suspected of providing support to terrorist groups such as hamas. more recently, and i'm using this term in quo