The Market Just Crossed a Dangerous Line

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Chuck Schumer Offers To Provide AI Regulation Framework For Healthcare, Labor Rights, And 'Doomsday Scenarios' As US Looks To Catch Up With EU

Rounak Jain
May 09, 2024

Senate Majority Leader Chuck Schumer (D-N.Y.) has announced plans to introduce a legislative roadmap for AI regulation in the U.S., looking to catch up to the European Union which unveiled its framework in March.

What Happened: Schumer revealed his plans during an AI summit in Washington, D.C. on Wednesday, Reuters reported. The roadmap will be based on expert input and will be used to draft piecemeal legislation on issues such as intellectual property, labor rights, healthcare, and potential “doomsday scenarios” associated with AI.

Schumer's roadmap, expected to be released in the next few weeks, will address the potential risks and benefits of AI, including its impact on elections and national security.

According to Schumer, the roadmap will provide guidelines and ideas for Congress to proceed, with different committees translating these into concrete legislation.

He emphasized the need for the U.S. to address AI regulation, particularly in light of China’s advancements in AI technology.

The Biden administration and lawmakers have been pushing for AI regulation, citing concerns about its potential impact on elections and national security.

Schumer highlighted the urgency of the situation, warning that China’s AI technology, focused on areas like facial recognition and surveillance, could surpass that of the U.S.

See Also: Meta’s Chief AI Scientist Reveals Mark Zuckerberg Was ‘Snubbed’ From Biden’s AI Safety Institute; Elon Musk Also Missing From The List

He also stressed the potential for AI to be used for malicious purposes, such as creating bioweapons or launching cyber attacks. To address these concerns, Schumer proposed a piecemeal approach to AI regulation, with different committees taking the lead on specific issues.

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Why It Matters: The U.S. has been lagging behind in AI regulation, with the EU taking the lead by endorsing the world’s first comprehensive regulatory framework for AI.

Meanwhile, the U.S. and the U.K. have signed a bilateral agreement to address the safety concerns surrounding AI, aiming to evaluate and regulate the potential risks associated with emerging AI technology.

However, the U.S. has faced criticism for its unclear plans for AI regulation, with prominent figures like Paul Graham expressing skepticism over the government’s approach.

Moreover, the U.S. is also considering new regulations to restrict China’s access to advanced AI software, such as that used in ChatGPT. These regulations would limit the export of proprietary or closed-source AI models, aiming to safeguard U.S. AI from China.

Check out more of Benzinga's Consumer Tech coverage by following this link.

Read Next: Tesla Investor Ross Gerber Calls Warren Buffett ‘Tough As Nails Businessman’ After Berkshire Hathaway Dumps Apple

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

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