Article by Brett Wilkins republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
“Left unchecked, AI could endanger the entire global financial system—including your bank account.”
Sen. Bernie Sanders on Thursday renewed calls to pause development of artificial intelligence following reporting that unauthorized AI agents are operating inside the systems of major US banks.
Axios’ Madison Mills revealed that Morgan Stanley, Bank of America, JPMorgan Chase, Wells Fargo, and other financial institutions are “racing to contain agent risks,” including “situations when an agent or AI assistant accesses a human’s account with the user’s permission and login credentials,” which “goes against the guidelines of most banks requiring that humans log in to their own accounts.”
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In AI, an agent is a system that can take actions to complete an assigned task, rather than simply responding to queries or generating text.
According to Mills’ reporting—which cites people familiar with the matter—some agents have contacted bank call centers or appeared to take actions independently of users’ instructions.
Banking executives interviewed by Mills described the problem as “horrifying,” with one official warning of potentially serious consequences for customers’ finances.
The stakes are particularly high, the executives said, when AI agents have permission to make purchases or transfer funds. Banks are also struggling to determine whether activity is actually authorized by customers or whether an agent has gone rogue.
“This is insane,” Sanders (I-Vt.) posted on social media in response to Mills’ report. “We cannot allow AI agents to go into your bank account and act independently without your authorization.”
“But that is what’s happening right now,” he continued. “Left unchecked, AI could endanger the entire global financial system—including your bank account.”
The senator added, “Pause AI NOW!”
Sanders has repeatedly warned that the race to create increasingly powerful AI systems is outpacing efforts to ensure their safety. Such concerns are mounting as profit- and ego-driven tech oligarchs race toward the “holy grail” of artificial general intelligence (AGI)—an advanced AI that can understand, learn, and apply knowledge of any subject as well as or better than a typical human.
Earlier this month, Sanders renewed his call for a congressional ban on the development of advanced AI, citing Big Tech oligarchs’ secret preparations for a “catastrophic AI event.”
The senator has repeatedly cited pioneers like Geoffrey Hinton who have warned that superintelligent AI—a development that experts believe could come after AGI—might wipe out humanity, as well as less existential but still potentially devastating outcomes like xAI CEO Elon Musk’s prediction that AI and robots could “replace all jobs.”
Last month, Sanders and Congressional Progressive Caucus Chair Greg Casar (D-Texas) introduced legislation to pause advanced AI development and ban the creation or deployment of artificial superintelligence. Sanders also wants a moratorium on the construction of new AI data centers.
The banking story underscores the growing challenge of deploying autonomous AI systems in consequential settings before their behavior can be reliably controlled or monitored.
JPMorgan CEO Jamie Dimon last week announced a ban on outside AI agents from accessing customer accounts.
Sanders wasn’t the only elected official who responded with alarm to the new Axios report.
“This is the exact thing we’ve been warning about for years,” Sen. Mark Warner (D-Va.) said on social media. “AI agents with unrestrained access to your bank account and protected information. When consumer AI agents are accessing YOUR bank account or using YOUR credit card, they must be subject to fiduciary-like duties of care.”
“We need to pass my AI AGENT Act to get some basic guardrails in place,” Warner added, referring to legislation that would establish federal rules for artificial intelligence agents that act on people’s behalf.
Congressman Ted Lieu (D-Calif.) also weighed in on the report, writing on social media that “the Trump administration and GOP leadership made the deliberate decision to let the AI industry run wild.”
“That was a bad political decision,” he added. “And now it’s become a potentially catastrophic policy decision.”
On the other side of the political aisle, Republican Florida Gov. Ron DeSantis—who has opposed the Trump administration’s efforts to prevent states from regulating AI—said on X, “Imagine a rogue AI agent liquidating your bank account and investment portfolio.”
“If you are the only victim, I suppose you could get made whole by the AI company responsible,” he added. “If rogue agents liquidate hundreds of billions across millions of accounts, the AI company would go bankrupt and you wouldn’t get made whole.”
The new Axios report comes two days after nationwide “Freeze AI Now” walkout protests by students, workers, academics, and others demanding an immediate halt to further AI development until the public has a meaningful say in how the technology is built and regulated.
Article by Brett Wilkins republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
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