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U.S. Chamber of Commerce calls for laying out AI regulation

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Image credit : Investing News Network In a change from the business lobbying group's usual anti-regulatory posture, the U.S. Chamber of Commerce advocated for regulation of artificial intelligence technology on Thursday to guarantee it does not harm growth or pose a national security danger. The rapidly expanding artificial intelligence program ChatGPT, which has garnered praise for its ability to write answers quickly to a wide range of queries, has raised concerns among U.S. lawmakers about its effects on national security and education even though there isn't much proposed legislation for AI. According to the Chamber research, lawmakers and corporate executives need to act rapidly to intensify their efforts to create a "risk-based regulatory framework" that will guarantee AI is used responsibly. It further stated that by 2030, AI is expected to contribute $13 trillion to the growth of the world's economy and that it has already made significant contributions, such as reducing the lack of nurses in hospitals and mapping wildfires to expedite emergency response times. The importance of being prepared for the technology's impending pervasiveness and its risks was underlined in the paper. According to the paper, "almost every" business and government organization will employ AI within 20 years. Also read : ChatGPT: Use of AI chatbot in Congress and court rooms poses ethical questions The report is a result of a commission on AI that the Chamber established last year, and according to the Chamber, it acknowledges the crucial role the business community will play in the deployment and management of AI. The Chamber cautions that there may be significant exceptions to how regulation is administered even as it asks for additional regulation.

"Rather than trying to develop a one size-fits-all regulatory framework, this approach to AI regulation allows for the development of flexible, industry-specific guidance and best practices," the report says.

By Awanish Kumar

I keep abreast of the latest technological developments to bring you unfiltered information about gadgets.


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