On April 13, 2023, U.S. Senate Majority Leader Chuck Schumer announced his new focus on crafting legislation for regulation of artificial intelligence (AI) and a four-part framework. What does this announcement mean for AI and the U.S. and global move towards AI regulation? Check out this advisory for our take.
Key Takeaways
- The framework consists of four main "guardrails" that address the Who, What, How, and Protect aspects of AI. These guardrails aim to regulate AI technology properly, align AI systems with American values, and ensure AI contributes to a better world.
- Schumer's initiative is still in its early stages, with many particulars yet to be determined. There is no timeline provided for the continued development of the AI legislative framework, and it may carry over into future Congresses.
- Although bipartisan interest in AI policy is growing, no comprehensive legislation regulating AI is currently poised for adoption. It is likely that the process of educating members and building consensus will take several years.
- In the meantime, narrower objectives such as AI transparency and preventing bias might be addressed through legislation like the Algorithmic Accountability Act. Additionally, efforts to pass a federal data privacy bill, like the American Data Privacy and Protection Act, may gain momentum.
- Companies should proactively manage AI risks, as they face real regulatory and litigation risks under existing laws. Engaging with policymakers during the legislative process can help ensure that the eventual legislation does not unnecessarily interfere with their operations.
Schumer's AI legislative framework is a significant step toward increased federal involvement in AI policymaking. As bipartisan concerns around AI's risks grow, expect to see AI legislative and oversight efforts surge. Companies should actively engage in the process and manage AI risks comprehensively and proactively.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.