On October 30th, U.S. President Joe Biden issued a historic executive order that aims to “[seize] the promise and [manage] the risks of artificial intelligence.” This landmark directive establishes new rules for AI safety, security, and trustworthiness and directs federal agencies to take action to support and oversee AI innovation.
This post will lay out everything you need to know about President Biden's precedent-setting executive order on artificial intelligence and what it means for the future of AI-driven business.
The following is a succinct overview of the key actions directed by the executive order, shedding light on the forthcoming changes and implications for AI-driven businesses. For those who wish to delve into the fine details, the complete executive order and its accompanying fact sheet are available at whitehouse.gov.
Note: It's important to consider that executive orders, such as this one pertaining to AI, can provide directives for federal agencies but don't create or change existing laws. Their impact hinges on federal agency implementation and is subject to change by future presidential administrations.
New Standards for AI Safety and Security:
Protecting Americans’ Privacy
Advancing Equity and Civil Rights
Standing Up for Consumers, Patients, and Students
Supporting Workers
Promoting Innovation and Competition
Advancing American Leadership Abroad
Ensuring Responsible and Effective Government Use of AI
As federal agencies implement the actions directed in President Biden's executive order on AI, businesses will find themselves with new opportunities to seize the benefits of AI and new responsibilities for managing its risks.
Greater Support for AI Innovation & Global Leadership
The executive order directs an influx of federal support to businesses involved in AI innovation. Expanded grants in crucial areas such as healthcare and climate change will incentivize AI research and commercialization. Furthermore, the introduction of federal assistance for small businesses and a new tool for AI researchers and students may help break down barriers that have historically limited access to the AI ecosystem, ensuring that a variety of perspectives and ideas are contributing to the advancement of commercial AI technology.
Moreover, the executive order’s focus on establishing the U.S. as a global leader in AI will create opportunities for international collaboration. The expansion of bilateral, multilateral, and multi-stakeholder collaborations ensures that U.S. businesses will play a pivotal role in shaping the global AI landscape, while adjustments in immigration policies to attract top AI talent will give U.S. businesses access to the brightest minds in the field.
New Expectations for AI Governance and Accountability
While the executive order opens doors to innovation, it also sets expectations for businesses involved in AI development and deployment. Affected businesses will face new standards, tools, and tests aimed at ensuring the safety, security, and trustworthiness of AI systems. In particular, the establishment of reporting requirements for developers of powerful AI systems will raise the bar when it comes to AI governance and accountability.
Additionally, the executive order places emphasis on the importance of protecting user privacy and preventing algorithmic discrimination, which may move some businesses to reevaluate the ethics of their AI practices. Businesses will also need to be mindful of their impact on the labor market, as the order calls for a comprehensive analysis of AI’s labor-market impacts and federal support for workers affected by AI-induced disruptions.
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