US Policymakers Shape AI Legislation with Over 400 Bills Across 44 States

US policymakers and regulators are shaping AI legislation, with over 400 AI-related bills across 44 states and a proposed framework to address AI risks and benefits. Senate Majority Leader Chuck Schumer announced a roadmap towards piecemeal AI legislation, aiming to regulate AI use and protect citizens' data.

Trim Correspondents
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US Policymakers Shape AI Legislation with Over 400 Bills Across 44 States

US Policymakers Shape AI Legislation with Over 400 Bills Across 44 States

In a significant move to establish a national standard for data use and protection in financial services, US policymakers and regulators are actively shaping AI legislation. Over 400 AI-related bills are currently being considered across 44 states, building on existing laws like the Equal Credit Opportunity Act (ECOA), the Truth in Lending Act (TILA), and the Fair Credit Reporting Act (FCRA).

Why this matters: The development of AI legislation has far-reaching implications for the future of technology, economy, and society, as it will shape how businesses and governments use AI and protect citizens' data. Effective AI regulation can prevent catastrophic risks and ensure that AI benefits are shared equitably, while inadequate regulation can lead to significant harm and inequality.

Senate Majority Leader Chuck Schumer recently announced a roadmap towards piecemeal AI legislation, which will be presented in the coming weeks. The proposed framework aims to address the risks and benefits of artificial intelligence, including its impact on intellectual property, labor rights, healthcare, and catastrophic risks. Schumer confirmed that Congress will take a 'piecemeal approach' to AI regulation, with different committees working on translating the framework into legislation.

The move comes after President Biden's administration's landmark Executive Order on AI last October and its recent 180-day review of actions completed. "If we do nothing, China with a whole different system – their AI is interested in things like facial recognition and surveillance and stuff like that – could get ahead of us," Schumer stated at the AI Expo for National Competitiveness in Washington DC on Wednesday.

The US government is concerned about the potential risks of advanced AI models, including the creation of bioweapons, powerful cyberattacks, and the use of AI technologies to influence Americans during elections. The process of shaping AI legislation has so far stalled in a polarized Congress, leaving Europe ahead in comprehensive AI regulation.

Dar'shun Kendrick, a member of the Georgia House of Representatives involved in the Artificial Intelligence subcommittee, has worked on AI-related legislation, including a bill on deepfakes in political campaigns. "Government tends to be so many years behind in catching up with emerging technology, so I am happy we are getting started taking a look at everything surrounding AI, particularly generative AI," Kendrick said, emphasizing the importance of balancing the benefits of AI with ensuring it does not disrupt democracy and human values.

Kendrick notes that fraud, privacy, and small business adaptation are pressing issues facing AI as it evolves. Vulnerable communities, such as the elderly and immigrant populations, are likely targets of AI-related fraud. Data breaches and hacking are significant concerns, and users should be cautious when sharing information with AI platforms.

To promote responsible AI development, Kendrick recommends creating a written ethics framework focusing on privacy, data security, anti-fraud measures, and constant reassessment of discriminatory problems. Investors should also push for responsible AI by implementing ethics frameworks and conducting regular responsibility check-ins, particularly for companies focused on environmental, social, and governance (ESG) issues.

As US policymakers and regulators shape AI legislation, the proposed framework and the hundreds of AI-related bills across the country highlight the urgency to establish a national standard for data use and protection in financial services. The efforts of legislators like Dar'shun Kendrick underscore the importance of responsible AI development and the need to address the challenges and concerns surrounding this rapidly evolving technology.

Key Takeaways

  • US policymakers consider over 400 AI-related bills across 44 states to establish national data use and protection standards.
  • Senate Majority Leader Chuck Schumer announces roadmap for piecemeal AI legislation, focusing on risks and benefits.
  • AI regulation aims to prevent catastrophic risks, ensure equitable benefits, and address concerns like fraud, privacy, and labor rights.
  • US government concerned about AI risks, including bioweapons, cyberattacks, and election influence, lagging behind Europe in regulation.
  • Legislators emphasize responsible AI development, ethics frameworks, and regular reassessment to address challenges and concerns.