Washington's Progress in Shaping AI Regulation
Recent activity in Washington, including proposed AI legislation, closed-door hearings, and voluntary corporate commitments, is providing clarity on the impending federal regulation of artificial intelligence (AI). The proposed legislative framework aims to encourage innovation while establishing guardrails and enforceable safeguards. It includes a federal licensing process overseen by an independent oversight body, audits of companies seeking licenses, and monitoring of AI developments and economic impacts. The legislation also addresses accountability, transparency, consumer redress, and privacy concerns. The activity suggests a consensus in Congress for AI regulation, and corporate leaders can now better prepare for federal monitoring, licensing, audits, and potential executive liability. The Biden administration is also developing an executive order to promote responsible innovation.