AI Regulation: Over 2,000 Proposals Lack Long-Term Framework
Thousands of proposals to regulate artificial intelligence (AI) have emerged in the U.S., yet not one establishes a comprehensive, future-oriented regulatory framework. Experts are calling for a national oversight body.
Over 2,000 proposals aimed at regulating artificial intelligence (AI) have been put forth in the United States by various entities, including states, Congress, and the private sector. Significantly, none of these proposals endeavor to establish a durable, comprehensive, future-focused regulatory framework for AI development.
Industry experts, such as former Nasdaq CEO Bob Greifeld, express concern that current proposals largely address pieces of today's challenges. They argue that given the rapid advancement of AI, proactive measures are necessary rather than waiting for a crisis, akin to the establishment of past regulatory bodies like the SEC (Securities and Exchange Commission) or the NRC (Nuclear Regulatory Commission).
Greifeld suggests adopting the operational model of the SEC for AI regulation. He describes how the SEC's requirement to publish and solicit comments on changes to exchange technology has contributed to the global standing of U.S. capital markets. A similar approach, he posits, could be applied to enhance transparency in the development of large AI models.
The objective is to establish a national regulatory body with a broad mandate to oversee AI development, its opportunities, and potential issues. While such a body is not a panacea and requires ongoing oversight, it is seen as a crucial step in balancing innovation with appropriate regulation in a global race. Short-term regulation may impede progress, but in the long run, it will create conditions for broader societal benefit.