By Mark S. Nelson, J.D.
The release of OpenAI’s Chat-GPT nearly one year ago not only captivated the public imagination but, by summer 2023, also had captured the attention of lawmakers who fear a regulatory repeat of perceived errors made when Congress took a more hands-off approach to the Internet and social media platforms. Much of the legislative efforts on artificial intelligence (AI) thus far have centered on national security, the military, and elections. The Biden Administration’s executive order on AI, by contrast, includes eight substantive sections addressing a range of issues, including national security, but also AI safety, innovation and competition, job displacement, equity and civil rights, consumer protection, privacy, and the government’s own use of AI to deliver services to the public.
A new Vital Briefings article reviews key components of the AI executive order and outlines the legislative streams taking shape in Congress to bring government oversight to AI. The article notes, however, that existing guidance and frameworks should not be overlooked, nor should practitioners ignore developments in the European Union and in individual U.S. states, both of which could implement AI rules of the road that may apply to a significant number of U.S. entities.
The Vital Briefings article, “AI regulation in the U.S.: what it means for corporate and financial services practitioners,” is available here.