Artificial intelligence (AI) is rapidly transforming our world, with the potential to revolutionize every industry and aspect of our lives. However, as with so much else that promises great results, AI also poses risks. After meeting with tech leaders, US President Joe Biden signed an executive order (EO) on October 30, 2023. Among other things, this executive order proposes AI guardrails designed to ensure AI is used for good.
Federal Policy Proposes Steps
This EO is the first comprehensive US federal policy on AI, and it outlines a number of important steps that the government will take to promote responsible AI development and use. These steps include:
- Establishing new standards for AI safety and security. The EO directs federal agencies to develop and implement standards for the safety and security of AI systems. This will help to ensure that AI systems are designed and used in a way that minimizes risks to the public.
- Protecting Americans’ privacy. The EO also directs federal agencies to protect Americans’ privacy when collecting and using data to train and operate AI systems. The desired outcome is that AI systems are not used to violate privacy or discriminate against people.
- Advancing equity and civil rights. The EO directs federal agencies to take steps to mitigate bias and discrimination in the design, development, and use of AI systems.
- Standing up for consumers and workers. The EO directs federal agencies to take steps to protect consumers and workers from the potential harms of AI. The goal here is to ensure that AI systems are not used to mislead or deceive consumers.
- Promoting innovation and competition. The EO directs federal agencies to take steps to promote innovation and competition in the AI sector. This includes supporting research and development and investing in AI education and training.
- Advancing American leadership around the world. The EO directs federal agencies to work with international partners to develop global standards and norms for the responsible development and use of AI. The goal is to help ensure that AI is used for good around the world.
How These Guard Rails Affect Business
This EO will have a significant impact on businesses that develop, use, or rely on AI systems. Businesses will need to comply with the new standards for AI safety and security, and they will need to take steps to mitigate bias and discrimination in their AI systems.
However, the EO also presents a number of opportunities for businesses. The government’s investment in AI research and development will create new markets for AI products and services. Additionally, the government’s commitment to promoting innovation and competition in the AI sector will create new opportunities for businesses to develop and deploy innovative AI solutions.
Guard Rails for Consumers
The EO will provide a number of important protections for consumers. For example, it will require businesses to be more transparent about how they use AI systems and how they collect and use data to train and operate those systems. This will help consumers to make informed choices about how their data is used and how they interact with AI systems.
Additionally, the EO will prohibit businesses from using AI systems to mislead or deceive consumers. This will help to protect consumers from fraud and other forms of harm.
Overall, this is a significant step toward ensuring that AI benefits everyone. The EO will help to protect consumers, promote responsible AI development and use, and advance American leadership in the AI sector.
What Do These Guard Rails Look Like?
Here are some specific examples of how the EO could protect consumers:
- AI-powered credit scoring algorithms could help prevent consumers from being denied credit or charged higher interest rates due to biased algorithms.
- AI-powered facial recognition systems may help prevent businesses from using systems to track and monitor consumers without their consent.
- AI-powered chatbots might help ensure that chatbots used by businesses are accurate and transparent, and that they do not mislead or deceive consumers.
This is all still new. Implementation and enforcement are of great import. However, the order has the potential to make a significant difference in protecting consumers from the potential harms of AI.
Are you considering the benefits of leveraging AI in your tech stack? We can help make sense of the AI guard rails proposed by this executive order. Reach out to us today and let’s start the conversation.