President Biden Signs Executive Order on AI
Last week, President Joseph Biden signed the “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.” The Executive Order’s definition of AI systems is also broad; it is not limited to generative AI or systems leveraging neural networks but is inclusive of systems which have been built over the last several years. The Order covers the following areas related to Artificial Intelligence (AI) including:
- Creating new safety and security standards for AI
- Protecting consumer privacy and information
- Advancing equity and civil rights
- Protecting consumers from potentially harmful AI practices
- Requiring a study of labor market implications from AI
- Promoting innovation and competition
- Collaborating with international partners
- Developing guidance for federal agency use of AI
As part of the Order, companies will be required to notify and share the results of certain safety tests for technology that poses a serious risk to national security, national economic security, or national public health and safety. Additionally, Treasury is expected to issue a report that is likely to cover how financial services firms should manage their development and use of AI. The Executive Order cannot create new laws or regulations on its own, but can trigger the beginning of such processes. Congress is also considering legislation in this space and has held numerous hearings with technology companies that are either developing or using AI.
Click here to read the Biden Administration’s Executive Order on AI.
Click here to read a fact sheet on the Executive Order.
Click here to read a breakdown of the Order from EY.