July Artificial Intelligence Update

02 Aug July Artificial Intelligence Update

Last month, Congress and the Biden Administration ramped up efforts to regulate AI as the emerging technology continues to integrate with everyday life. U.S. policymakers are anxious to establish a regulatory framework for AI sooner rather than later to avoid losing out on the opportunity to lead in this field to the European Union and China. Sen. Majority Leader Schumer (D-NY) has become one of the most active Senators on the AI issue and used this previous work period to build on his SAFE Innovation Framework, as well as utilize the must-pass National Defense Authorization Act (NDAA) to secure amendments related to the technology. The Biden Administration also engaged heavily with leading AI companies to secure safety commitments on the development of AI. All the while, financial regulators like the SEC, Federal Reserve, and CFPB made remarks on how AI continues to permeate the financial services sector and urged caution.