Regulation of artificial intelligence (AI) in the U.S. took a significant leap forward on October 30, 2023, with the issuance of the Presidential Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. President Joe Biden’s executive order emphasizes the responsible use of AI by the federal government while endorsing appropriate oversight of AI usage in the private sector.
This new regulatory directive, specifically targeting AI, is poised to reshape current AI practices within the private sector, a move that is set to have a profound impact on corporations and legal professionals across the country.
According to the details of the executive order, its primary objective is to develop a framework that promotes the safe, secure, and trustworthy use of AI, focusing not only on ethical concerns but also on security and competitiveness. For that, it endorses federal agencies to adopt regulatory standards addressing these issues.
This could certainly be a significant reference point for corporations and law firms dealing with AI, as they may need to adapt their practices to align with these new regulations. It will be important for them to be proactive in understanding the implications of this order, to ensure alignment with the principles it outlines.
The executive order represents an acknowledgment from the highest level of government, of the growing role and potential threats of AI. The coming regulations and standards springing from the order will likely shape the future of AI usage in the corporate world, marking a sea change for legal professionals specializing in tech, privacy, and corporate law.
This is a developing story and will require close monitoring as it unfolds. Businesses, tech industry specialists, and legal professionals should pay close attention to forthcoming updates and guidance stemming from the executive order.