Title: Biden’s Executive Order Takes Aim at Managing AI Risks in the US
On October 30, President Biden issued a comprehensive Executive Order, calling upon Congress to enact privacy laws and directing federal agencies to review existing regulations and explore potential new rulemakings concerning the use of artificial intelligence (AI) across various sectors of the US economy. The order aims to ensure that America both leads the way in embracing AI’s promise while effectively managing its risks.
The Executive Order outlines eight guiding principles for the advancement, development, and use of AI in the country. These principles include the necessity for AI to be safe and secure, a commitment to responsible innovation and collaboration, and the protection of American workers’ interests. Additionally, the preservation of equity, civil rights, privacy, and civil liberties are emphasized. The order also highlights the importance of the federal government leading the way in driving global progress in AI technology and its societal and economic impacts.
The financial services industry is directly affected by this Executive Order. Its action points seek to build upon last year’s set of five principles, known as the Blueprint for an AI Bill of Rights. The goal is to safeguard Americans’ rights in an era of AI. The order compels AI system developers to provide safety test results to the federal government and establishes standards to combat consumer fraud by detecting AI-generated content. Furthermore, it necessitates the development of AI tools to identify and resolve vulnerabilities in critical software.
The White House fact sheet accompanying the Executive Order emphasizes its focus on various aspects such as national security, privacy, discrimination and bias, healthcare safety, workplace surveillance, innovation, and global leadership. With these areas in mind, the Biden administration aims to set new standards for managing the impact of AI on society.
This latest move aligns with the administration’s goal of promoting responsible and ethical AI usage while harnessing its potential to address challenging societal issues. By directing federal agencies to review and potentially update existing rules, as well as encouraging Congress to enact privacy legislation, the Biden administration seeks to balance innovation with the protection of American citizens and their rights.
This Executive Order demonstrates the administration’s dedication to ensuring the US remains at the forefront of AI development, while addressing the concerns and risks associated with this rapidly advancing technology. It sets the stage for a more regulated and accountable AI landscape, aiming to strike a delicate balance between fostering innovation and safeguarding American interests and values.
As the US government takes a proactive stance on managing AI risks, it remains to be seen how these principles and action points will translate into concrete legislation. Nevertheless, this Executive Order puts AI regulation and ethics at the top of the national agenda, signaling a newfound commitment to addressing the challenges and opportunities presented by AI in today’s rapidly evolving world.
