Oh, give me one that has really been a game changer that your team would recognize, "Wow, this is something I am glad that I'm a part of."

Well, Trump accounts is probably a good example, and in fact it checks a few boxes for us because, number one, it's actually an assembly of capabilities from across the company.

I don't think we could have done it two years ago.

We would have had the pieces, but I don't think without our platform model, without our, our commercial model, that we could have actually pulled it together and truly delivered in a very short period of time as one company.

It's also great because it's an important piece of public policy, and so this is back to the roots of the company.

You know, 242 years ago, we helped the US get started as a nation.

But today, we're investing In what is essentially a bipartisan piece of policy that's been championed by the administration, the leadership of the Treasury Department, to create a vehicle for everyone in America to have a stake in the capital markets, a stake in the greatest iconic companies of the country.

What are you doing, especially using perhaps some of the artificial intelligence, to find these people and let them know?

How are you thinking about spending on AI today and has it changed in the ensuing nine months since I did a deep dive into your offices?

Well, our view on AI has actually been pretty consistent since we really started to invest in our program three years ago.

We've built our own platform.

Just talk about financial history of the United States.

Eliza, the name of our platform, Eliza Hamilton was the wife of Alexander Hamilton, and we've named our platform in honor of our founder and his family.

And that platform platform has always been designed to be able to bring in the best of AI and to be able to deliver it to our clients and our people.

It's never been about maximizing usage of tokens.

Given that experience, I'm curious, then, do you come down with that sort of new chorus we're hearing? Do you agree with that new chorus we're hearing that says, you know what, the AI jobs apocalypse is not going to happen and, in fact, it might actually result in more jobs?

Why did you join Goldman Sachs?

Because of the people.

Um, when I, I applied to a lot of different firms, it wasn't just finance actually.

I did need to have a job, and I wanted to have a good job.

I applied across a couple of different industries, consulting, finance, and I applied to quite a broad swath of different firms.

And this was, remember, in the days when you couldn't apply on the internet.

It wasn't copy and paste.

Great

What does this mean for the future of BNY? Will you make money off of this, or this is solely for the public good?

Well, w- we believe in the program.

I think that's really...

If you step back from this whole thing, what is the public policy? So the administration really deserves a lot of credit.

President Trump, Secretary Bessent, uh, in particular, the leadership of the Treasury Department in driving this forward, that actually creates the framework to be able to have, uh, everyone in America be able to participate in growth.

And so we provide, as a company, a bunch of different services to the US government.

We do it at the state level, the local level, and at the federal level.

What else needs to be done to counter so- some of that, to make sure that people recognize the benefit of free markets and capitalism, the very idea that we've seen this mass affluence in this country because of those things?

Mm-hmm.

Second vector of change is actually the products and services, just enriching what we do and actually what we offer to clients with AI so that they perform better, provide additional insights, can actually be executing quicker for clients.

So we just become better as an institution in our actual delivery o- of our products and services.

And then the third one, I think, is actually expanding the perimeter of the firm.

We're not trying to turn ourselves into fundamentally a different company, but we are interested in taking inspiration from other things that have happened in the world.

Like Amazon is a good example.

Amazon Web Services, once upon a time, it just served Amazon.

Mm-hmm.

assets? Do you see that at all?

Now, we really don't see that in the data at this point.

I remember where we've come from, which is the U.S. has been really an incredibly strongly performing market, strong economy.

People have been predicting the U.S. to be It's some type of decline from an economic point of view, recessions.

We've talked about that in the past two or three years.

None of that's actually happened.

And in fact, now, I think you'll find, and you've heard this on your show, more optimism associated with what the next year holds from an economic point of view.

Have you had any engagement with the White House about this issue, given the concerns?