Sen. Mike Rounds is urging federal regulators to wait for congressional action before imposing regulations on artificial intelligence (AI). However, President Biden’s administration is preparing to issue an executive order on AI in the coming months.
Tensions between Congress and the Biden administration on AI policy have become more apparent, particularly during a Senate Banking Committee hearing that explored the impact of AI on financial services.
Rounds believes that regulations should not stifle innovation as it would risk allowing China to dominate the tech market. He stated, “Financial regulators should allow Congress to act and resist the urge to overregulate new technology as they run the risk of unintended consequences.”
Jen Easterly, the director of the Cybersecurity and Infrastructure Security Agency, revealed that the agency is preparing for President Biden to sign an AI executive order later this year.
Concerns regarding the national security and financial sectors’ vulnerability to AI tools emerged in Congressional hearings, with lawmakers emphasizing the need to address these risks.
Senate Banking Committee Chairman Sherrod Brown highlighted the importance of not allowing the Silicon Valley ethos of “move fast and break things” to endanger the financial system and the economy.
Senate Intelligence Committee Chairman Mark Warner expressed concerns about AI potentially fueling market manipulation and emphasized the need for the U.S. to expect foreign adversaries to acquire similar capabilities.
While Mr. Biden’s team is working towards new executive actions on AI, Congress is proceeding more slowly and may not vote on AI legislation this year.
Perspective: The debate between regulators and lawmakers on AI regulation highlights the complexity of balancing innovation and oversight. Striking the right balance is critical in order to foster technological advancement while mitigating the risks associated with AI. It is essential for policymakers to collaborate and ensure that regulations are well-informed, keeping in mind the potential impact on national security, economic stability, and international competition.
