Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


US Senate leader Schumer calls for AI rules as ChatGPT surges in popularity

US Senate leader Schumer calls for AI rules as ChatGPT surges in popularity

By David Shepardson

WASHINGTON (Reuters) -Senate Majority Leader Chuck Schumer said Thursday he had launched an effort to establish rules on artificial intelligence to address national security and education concerns, as use of programs like ChatGPT becomes widespread.

Schumer, a Democrat, said in a statement he had drafted and circulated a “framework that outlines a new regulatory regime that would prevent potentially catastrophic damage to our country while simultaneously making sure the U.S. advances and leads in this transformative technology.

ChatGPT, an AI program that recently grabbed the public’s attention for its ability to write answers quickly to a wide range of queries, in particular has attracted U.S. lawmakers’ attention. It has become the fastest-growing consumer application in history with more than 100 million monthly active users.

Schumer’s plan will need the approval of Congress and the White House and could still take months or more. However, is the most concrete step yet that the U.S. government may adopt new regulations to address rising concerns about generative AI.

“Time is of the essence to get ahead of this powerful new technology to prevent potentially wide-ranging damage to society and national security and instead put it to positive use by advancing strong, bipartisan legislation,” Schumer said.

Schumer’s proposal would require companies to allow independent experts to review and test AI technologies ahead of public release or update, and give users access to findings. He has not yet drafted legislation.

Schumer cited China’s release this week of its own approach to regulating AI, calling it “a wake-up call to the nation.

He said it is “is imperative for the United States to lead and shape the rules governing such a transformative technology and not permit China to lead on innovation or write the rules of the road.”

Schumer’s office said he has for months been “discussing and circulating a high-level framework that outlines a new regulatory regime for artificial intelligence, engaging leading artificial intelligence experts to help inform the proposal.

President Joe Biden last week said it remained to be seen whether AI is dangerous. “Tech companies have a responsibility, in my view, to make sure their products are safe before making them public,” he said. The Commerce Department on Tuesday said it was seeking public comments on potential accountability measures for AI.

China’s cyberspace regulator unveiled draft measures Tuesday for managing generative AI services, saying it wants firms to submit security assessments to authorities before launching offerings to the public.

Microsoft Corp is a big investor in OpenAI, which created ChatGPT. The software company and Alphabet Inc’s Google has been pouring billions of dollars into AI to gain an edge amid heightened competition in Silicon Valley.

The three companies did not immediately comment Thursday on Schumer’s effort.

(Reporting by David Shepardson; Editing by Chizu Nomiyama)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts