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US Chamber of Commerce advocates for AI Regulation

According to the Chamber research, lawmakers and corporate executives need to act rapidly to create a "risk-based regulatory framework" that will guarantee AI is used responsibly.

In a change from the business lobbying group’s usual anti-regulatory stance, the US 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 to a wide range of queries, has raised concerns among US 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 build a “risk-based regulatory framework” that will guarantee AI is used responsibly.

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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 research, “almost every” business and government organization will employ AI within 20 years. The report is a result of a commission on AI that the Chamber established last year. The Chamber acknowledges the crucial role the business community will play in the deployment and management of AI.

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Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

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