Introduction
On Monday, President Joe Biden issued an executive order outlining guidelines for regulating artificial intelligence (AI) that could impact investments by tech giants like Google, Amazon, and Microsoft. The order sets standards aimed at ensuring safety, security, privacy, and fairness while promoting American innovation and competitiveness. The Biden administration has focused on addressing the risks associated with AI, including meeting with 15 leading tech companies that agreed to certain disclosures and requirements set forth by the White House.
Key Overview
President Joe Biden issued an executive order on Monday that establishes guidelines for artificial intelligence (AI) aimed at mitigating the risks associated with this emerging technology. The broad order seeks to protect safety, national security, consumer privacy, and fairness while promoting American competitiveness. The safety and security standards for AI in the order require all companies “developing any foundational model that poses a serious risk to national security or economic security or public health and safety” to conduct safety testing and report their results to the federal government. These requirements are likely to affect companies investing in AI development, such as Google, Amazon, and Microsoft. Furthermore, the Departments of Homeland Security and Energy must address cases where AI may threaten critical infrastructure under the Defense Production Act.
Privacy and Fairness Protection
In the executive order, President Biden called on “Congress to pass bipartisan legislation to safeguard all Americans, especially children,” from potential risks associated with AI technology using “privacy-preserving technologies.” The order expands upon previous proposals made by the Biden administration to ensure fairness in AI advancements, including the “AI Bill of Rights” issued by the White House in October 2022.
Agreed Companies
The Biden administration previously announced that 15 companies leading AI development have agreed to voluntary disclosures and safety and security requirements for AI tools and services. These companies include Google, Amazon, Microsoft, Meta Platforms, parent company of ChatGPT, Nvidia, and others.
Conclusion
President Biden’s AI order aims to establish guidelines to regulate this emerging technology and reduce associated risks. The order requires companies to adhere to AI safety and security standards and conduct safety testing while reporting results to the federal government. These requirements are expected to impact tech giants like Google, Amazon, and Microsoft. Additionally, President Biden calls on Congress to pass data protection legislation to safeguard all Americans from potential risks associated with AI technology using privacy-preserving techniques. The Biden administration has previously announced that 15 companies leading AI development have agreed to voluntary disclosures and safety and security requirements for AI tools and services.
Source: https://www.investopedia.com/biden-ai-executive-order-8384279
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