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President Biden is scared of Artificial Intelligence.
That’s why he just signed…
Executive Order on the Safe, Secure and Trustworthy Development and Use of Artificial Intelligence.
It aims to give Washington politicians and bureaucrats regulatory oversight of the biggest technological innovation since the Internet.
The single biggest issue is that the executive order will…
“Require that developers of the most powerful AI systems share their safety test results and other critical information with the U.S. government.”
The official talking point sounds well-intentioned.
Basically, this aims to force tech companies to submit their AI models to the U.S. government for review and approval. And the idea is that some government employees will determine whether the AI code is “safe.”
This would be similar to the Biden administration forcing Google or Facebook to share their algorithms with the government for approval.
President Biden is Scared of Artificial Intelligence
Biden’s AI executive order is preemptive regulation seeking a problem.
This creates an unnecessary layer of government review and oversight. And there is no evidence that a problem actually exists.
Fifteen major American technology companies have already agreed to AI safety commitments.
Technology leaders – including Alphabet (NASDAQ: GOOG), Meta Platforms (NASDAQ: META) and Microsoft (NASDAQ: MSFT) – actually welcome regulation. That’s because they believe regulation will solidify their lead in Artificial Intelligence.
Creating regulatory roadblocks will make it more challenging and costly for new companies to launch competing products.
This executive order is a huge overreach by the Biden White House.
This is an attempt to create regulation and oversight of the newest breakthrough technology – while it’s still in its infancy.
The lack of regulation on new technologies is a key reason that America’s economy is thriving.
You’ll notice that ALL of the major technology innovations and companies are born in America. It’s impossible to name a single technology leader from Europe, China or India. That is NOT a coincidence.
Less regulation is critical for allowing new technologies to thrive. And adding unnecessary regulation in the early innings will simply give international competitors a leg up on America’s tech leaders.
The Washington politicians and insiders need to step aside and stay out of the way.
Yours in Wealth,
Ian Wyatt