Ben Bernanke Joins Anthropic's Long-Term Benefit Trust — Former Fed Chair Says Potential Of AI And Its Outcomes Is 'Enormous'

• Bernanke said Anthropic's governance structure is designed to help ensure the long-term benefits of AI for humanity outweigh the risks posed by the technology.
• Anthropic co-founder Daniela Amodei said the company has a dual responsibility to understand and act on the effects of AI’s economic impact.
• She said that Bernanke’s judgment will make Anthropic better at anticipating and responding to the effects of advanced AI on workforces and economies around the world.

Former Federal Reserve Chair Ben Bernanke is joining Anthropic's Long-Term Benefit Trust, becoming one of the independent trustees responsible for overseeing the frontier artificial intelligence developer’s governance and public-benefit commitments.

According to a Bloomberg report, Anthropic said that Bernanke joins Neil Buddy Shah, Richard Fontaine, and Mariano-Florentino Cuellar on the trust. The company plans to appoint a fifth trustee in the future.

“The potential of artificial intelligence is enormous, and so is the range of outcomes. How that potential plays out will depend, in part, on the institutions we build around it,” Bernanke stated, according to the report.

Bernanke Says Anthropic’s Structure Tries To Ensure Benefits Outweigh Risks

The former Fed Chair said that Anthropic’s governance structure is unique, adding that it seeks to ensure that the benefits of AI for humanity outweigh the risks posed by the technology in the long term.

Anthropic co-founder Daniela Amodei said that the company has a dual responsibility to understand and act on the effects of AI’s economic impact.

She said that Bernanke’s judgment will make Anthropic better at anticipating and responding to the effects of advanced AI on workforces and economies around the world, according to the report.

Bernanke’s Appointment Comes Amid Concerns Around AI’s Impact On Jobs

Bernanke’s appointment to the trust comes at a time of growing concern about the impact of AI on jobs. Anthropic co-founder Dario Amodei also raised concerns during an interview with Axios last year that AI could replace nearly half of all white-collar workers in the coming years.

“Most of them are unaware that this is about to happen. It sounds crazy, and people just don't believe it,” Amodei said.

Bernanke was the Fed Chair during the global financial crisis in 2008, after having been appointed to the position in 2006. The Nobel laureate left the central bank in 2014 and was then appointed as a distinguished fellow at the Brookings Institution.

What Is Anthropic's Long-Term Benefit Trust?

Anthropic's Long-Term Benefit Trust is an independent body designed to help align the company's governance with its mission of developing advanced AI for the long-term benefit of humanity. Together with Anthropic's status as a public benefit corporation, the trust is intended to ensure the company considers the broader public interest alongside shareholder interests.

The trust has the authority to appoint and remove a portion of Anthropic's board of directors, with that authority set to expand over time until it controls a majority of the board. Anthropic said the trustees are financially disinterested and are expected to provide guidance on long-term issues involving AI's risks and societal impact.

Anthropic filed confidentially last month for an initial public offering (IPO), with a Bloomberg report stating that the Claude maker is considering a debut as soon as October this year. The firm was valued at $965 billion following its latest funding round in May this year.

The Global X Artificial Intelligence & Technology ETF (AIQ) is up 46% over the past 12 months, while the iShares U.S. Technology ETF (IYW) is up 42%.

Also See: MU, AMD, MRVL, QCOM Stocks Surge — Bernstein’s Stacy Rasgon Says AI Demand Is Exploding, Memory Capacity Is 'Very Tight'

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