AI: US Regulatory Roundup for 2024
...a busy agenda trying to balance AI 'Speed vs Safety'
Regulators are of course ramping up their AI regulatory priorities for the New Year in these early days of the AI Tech Wave. We ended last year with Europe’s EU rushing to put the finishing touches on the EU AI Act, while the Biden Administration here rolled out its voluminous AI Executive Acts. As Axios reports in ‘Washington’s 2024 AI Roadmap’:
“Congress and the federal government have a packed artificial intelligence agenda for the new year, reports Ashley Gold of Axios Pro.
“Why it matters: How the U.S. government uses and regulates AI will provide a map for the rest of the country and lawmakers have work to do to make good on the goals of last year's Senate AI Insight Forums.”
“A lot of work will need to be redone or duplicated at the committee level. There will be disagreements over which bills to pass first, whether any individual issue is worth a standalone bill or if any AI legislation should be part of a larger package.”
“AI + the federal government: The government is slowly complying with parts of President Biden's AI executive order.”
“In late December, the Office of Personnel Management issued a memorandum on government-wide hiring authorities per the EO, allowing for more flexibility to hire AI experts for positions supporting implementation.”
“Getting AI talent to work for the government instead of the much more lucrative private sector is a major hurdle, so we'll be watching to see who joins the feds and how quickly the government can staff up to carry out the EO.”
“It's also likely that Congress will want a say in how the government uses AI.”
The Senate under Senator Schumer is also going to be busy on the AI front:
“Schumer is spearheading the congressional effort to craft legislation regulating AI, circulating a broad framework among experts in recent weeks, a source briefed on the proposal told Axios.”
“The push is being treated as urgent and time sensitive — with the U.S. not wanting to be left behind as other countries, particularly China, race ahead with developing the technology and shaping its rules.”
“The goal would be to develop resilient regulations that can adapt to the advancement of AI technology and balance the need for security, accountability and transparency with facilitating innovation, the source said.”
The Senate will continue that focus of course this year according to Axios:
“Senate leaders moving ahead on AI bills: We expect the action to be in committees, marking up and passing bills based on discussions at the AI Insight Forums.”
Other AI priorities this year of course are also going to be impacted by the potential election perils ahead of the November Election season:
“AI + elections: The 2024 election is quickly approaching and lawmakers will not want to see themselves deepfaked into oblivion by election ads.”
“More broadly, democracy watchers are arguing that AI could tip an already unsettled electorate into not believing anything it sees.”
“The Federal Election Commission could act on AI in elections and make new rules, but that's not guaranteed.”
“Senate Majority Leader Chuck Schumer has said an AI and elections bill will get priority this year.”
“History shows that bills having to do with elections and social media or tech usually result in industry self-governance instead (see the Honest Ads Act).”
More broadly of course are AI regulatory initiatives across the country:
“In 2023, nearly 200 AI-related bills were introduced in state legislatures, but only 14 became law,
“Bills are focusing on deepfakes, government uses of AI and impact assessments. California Gov. Gavin Newsom issued an EO on AI.”
“The industry is expecting a lot more legislation in 2024, David Edmonson, TechNet senior vice president of state policy and government relations, told Ashley. Keep an eye on California, Connecticut, New York, Colorado and Washington.”
“Edmonson said: "It's inevitable that there will be AI bills that cross the finish line and we want to be productive partners working with policymakers."
All in all a very busy AI regulatory agenda in an otherwise AI-fueled 2024.
Generally though, the US approach for now is balancing the potential perils of AI with the promise. Other jurisdictions like Europe still learning into the AI Safety far ahead of the need for continued innovation in these early days in the form of AI Speed.
It’s important the regulators not miss the AI boat by premature “Fire, Ready, Aim” actions.
All these debates will continue to be in the foreground of this AI Tech Wave. Stay tuned.
(NOTE: The discussions here are for information purposes only, and not meant as investment advice at any time. Thanks for joining us here)