Central Banks Buying Gold in Record Numbers

Most folks have completely missed the fact that the world's Central Banks have been quietly gobbling up as much gold as they can... Stacking it in their locked vaults on pallets in record numbers. Find out why right here (and see what you can do to get in too with just a few dollars).

First major attempts to regulate AI face headwinds from all sides

JESSE BEDAYN
April 18, 2024

DENVER (AP) -- Artificial intelligence is helping decide which Americans get the job interview, the apartment, even medical care, but the first major proposals to reign in bias in AI decision making are facing headwinds from every direction.

Lawmakers working on these bills, in states including Colorado, Connecticut and Texas, are coming together Thursday to argue the case for their proposals as civil rights-oriented groups and the industry play tug-of-war with core components of the legislation.

Organizations including labor unions and consumer advocacy groups are pulling for more transparency from companies and greater legal recourse for citizens to sue over AI discrimination. The industry is offering tentative support but digging in its heels over those accountability measures.

The bipartisan lawmakers caught in the middle -- including those from Alaska, Georgia and Virginia -- have been working on AI legislation together in the face of federal inaction. The goal of the press conference is to highlight their work across states and stakeholders, reinforcing the importance of collaboration and compromise in this first step in regulation.

The lawmakers include Connecticut's Democratic state Sen. James Maroney, Colorado's Democratic Senate Majority Leader Robert Rodriguez and Alaska's Republican Sen. Shelley Hughes.

"At this point, we don't have confidence in the federal government to pass anything quickly. And we do see there is a need for regulation," said Maroney. "It's important that industry advocates, government and academia work together to get the best possible regulations and legislation."

The lawmakers argue the bills are a first step that can be built on going forward.

While over 400 AI-related bills are being debated this year in statehouses nationwide, most target one industry or just a piece of the technology -- such as deepfakes used in elections or to make pornographic images.

The biggest bills this team of lawmakers has put forward offer a broad framework for oversight, particularly around one of the technology's most perverse dilemmas: AI discrimination. Examples include an AI that failed to accurately assess Black medical patients and another that downgraded women's resumes as it filtered job applications.

Still, up to 83% of employers use algorithms to help in hiring, according to estimates from the Equal Employment Opportunity Commission.

If nothing is done, there will almost always be bias in these AI systems, explained Suresh Venkatasubramanian, a Brown University computer and data science professor who's teaching a class on mitigating bias in the design of these algorithms.

"You have to do something explicit to not be biased in the first place," he said.

These proposals, mainly in Colorado and Connecticut, are complex, but the core thrust is that companies would be required to perform "impact assessments" for certain AI systems. Those reports would include descriptions of how AI figures into a decision, the data collected and an analysis of the risks of discrimination, along with an explanation of the company's safeguards.

The contention is mainly who gets to see those reports. Greater access to information on the AI systems, such as the impact assessments, means greater accountability and safety for the public. But companies worry it also raises the risk of lawsuits and the revelation of trade secrets.

Under bills in Colorado, Connecticut and California, the company wouldn't have to routinely submit impact assessments to the government. The onus would also largely land on companies to disclose to the attorney general if they found discrimination -- a government or independent organization wouldn't be testing these AI systems for bias.

Labor unions and academics worry that over reliance on companies self-reporting imperils the public or government's ability to catching AI discrimination before it's done harm.

"It's already hard when you have these huge companies with billions of dollars," said Kjersten Forseth, who represents the Colorado's AFL-CIO, a federation of labor unions that opposes Colorado's bill. "Essentially you are giving them an extra boot to push down on a worker or consumer."

Tech companies say greater transparency will reveal trade secrets in a now hyper-competitive market. David Edmonson, of TechNet, a bipartisan network of technology CEOs and senior executives that lobbies on AI bills, said in a statement that the organization works with lawmakers to "ensure any legislation addresses AI's risk while allowing innovation to flourish."

The California Chamber of Commerce opposes that state's bill, concerned that impact assessments could be made public in litigation.

Another contentious component of the bills is who can file a lawsuit under the legislation, which the bills generally limit to state attorney generals and other public attorneys not citizens.

After a provision in California's bill that allowed citizens to sue was stripped out, Workday, a finance and HR software company, endorsed the proposal. Workday argues that civil actions from citizens would leave the decisions up to judges, many of whom are not tech experts, and could result in inconsistent approach to regulation.

"We can't stop AI from being woven into our daily lives, so obviously government has to step in at some point, but it also makes sense that the industry themselves wants a good environment to thrive," said Chandler Morse, vice president of public policy and corporate affairs at Workday.

Sorelle Friedler, a professor who focuses on AI bias at Haverford College, pushes back.

"That's generally how American society asserts our rights, is by suing," said Friedler.

Sen. Maroney of Connecticut said there's been pushback in articles that claim he and Rep. Giovanni Capriglione, R-Texas, have been "pedaling industry-written bills" despite all of the money being spent by the industry to lobby against the legislation.

Maroney pointed out one industry group, Consumer Technology Association, has taken out ads and built a website, urging lawmakers to defeat the legislation.

"I believe that we are on the right path. We've worked together with people from industry, from academia, from civil society," he said.

"Everyone wants to feel safe, and we're creating regulations that will allow for safe and trustworthy AI," he added.

_____

Associated Press reporters Trân Nguy?n contributed from Sacramento, California, Becky Bohrer contributed from Anchorage, Alaska, Susan Haigh contributed from Connecticut.

___

Bedayn is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Continue Reading...

Popular

Toyota racks up booming profit, vows to invest to keep growth going

TOKYO (AP) — Toyota doubled its net profit in the fiscal year that ended in March, as strong vehicles sales and a favorable exchange rate lifted results for Japan’s top automaker.

$25 AI Stock Could Deliver Life-Changing Windfall - Ad

Discover a company at the forefront of the AI revolution, with up to $1 billion in government-backed contracts and 1,372 patent applications. Trading at just $25 a share...

Judge grills Apple exec about whether company is defying order to enable more iPhone payment options

OAKLAND, Calif. (AP) — A federal judge on Wednesday questioned whether Apple has set up a gauntlet of exasperating hurdles to discourage the use of alternative payment options in iPhone apps, despite a court order seeking to create more ways for consumers to pay for digital services.

Katy Perry and Rihanna didn't attend the Met Gala. But AI-generated images still fooled fans

NEW YORK (AP) — No, and didn't attend the this year. But that didn't stop AI-generated images from tricking some fans into thinking the stars made appearances on the steps of fashion's biggest night.

Market Warning: Is BTC is Just the Start? - Ad

Missed out the AI craze, or BTC's 40% jump? 50-year Wall Street veteran Marc Chaikin just detailed another way to play this market rally.

Hope Hicks Testifies On Trump's Ex-Lawyer Michael Cohen's 'Mr. Fix It' Moniker: 'Only Because He Broke It First'

The criminal trial against Donald Trump saw former Trump aide Hope Hicks take the stand Friday and discuss Michael Cohen and the "Access Hollywood" tape.

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear - Ad

Since Jeff Bezos and Elon Musk first met in 2004 -- they've been involved in a bitter feud... from rockets, to electric vehicles to who's the world richest person...for going on two decades these two have been at each others throats... But what happened on December 31st 2021 just took this rivalry to a new level and humiliated Elon Musk.

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Warren Buffett suggests that federal taxes will likely increase given the country's precarious fiscal position, and he expressed Berkshire's willingness to cover the tax bill it faces.

Elon Musk Issues Stark Warning Amid Rising National Debt: '...The Dollar Will Be Worth Nothing'

Elon Musk has voiced concerns about the future stability of the U.S. dollar, highlighting the escalating national debt as a potential catalyst for a looming economic crisis.

Amazon's Betting Big on This Unknown AI Company - Ad

Amazon has just made a stunning $144 million investment in one small AI company. Why? Because this under-the-radar firm holds the key to unleashing the full potential of next-gen AI... Its technology is crucial for the most advanced AI chips, including Nvidia's latest breakthrough.

Bitcoin Spot ETFs Register $217M Net Inflows On Monday

Bitcoin (CRYPTO: BTC) spot exchange-traded funds (ETFs) continue to attract significant investor interest, despite ongoing delays from the Securities and Exchange Commission (SEC) on

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

One of America's most controversial CEOs says, "A new form of money in America is making some people (including Elon Musk, Jeff Bezos, and 17 of America's 25 wealthiest individuals), rich. It has nothing to do with gold, bitcoin, or anything like that, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

Why Is Apple Stock Soaring Premarket Today?

Apple shares appear on track to reclaim the $180 level for the first time since the start of March after quarterly earnings.

Prada focuses generational transition on artisans, expanding production and workforce in Italy

TORGIANO, Italy (AP) — The Prada Group is expanding its production footprint in Italy, including dozens of new jobs at its knitwear factory in Umbria, leaning into “Made in Italy” as integral to the brand’s ethos and developing new artisanal talent to ease the luxury group through a generational shift in its workforce.

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

'Shark Tank' Host Kevin O'Leary Says Hims & Hers CEO Should Have Been Fired For Backing Pro-Palestinian Protests

Kevin O'Leary, the host of "Shark Tank," criticized Andrew Dudum, the CEO of Hims & Hers, for his support of pro-Palestinian student protests. O'Leary suggested that Dudum should have been fired immediately for his stance.

He Is Giving Away Bitcoin - Ad

And my special guest is willing to give you $10 in Bitcoin (BTC) if you take it seriously. Right now is a very important time to pay attention to what we are doing and what is happening.

South Korea's 5-Year Plan To Grow Its Console Gaming Market By 2028

South Korea's plan to boost console gaming, diversifying from mobile platforms, through strategic partnerships and market growth projections

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

Edmunds: Trade or sell your car? What's best might surprise you

There’s never been a more critical time to know whether it’s better to sell your car privately or trade it in.

We know late-night screens are bad for sleep. How do you stop doomscrolling in bed?

Like many of us, Jessica Peoples has heard the warnings about excessive screen time at night. Still, she estimates spending 30 to 60 minutes on her phone before going to sleep, mostly scrolling through social media.

Market Warning: Don't Buy This... - Ad

Today's "bizzarro" market has one 50-year Wall Street veteran concerned. He believes most investors are about to make this huge mistake.

Tesla Rival Nio To Roll Out Mass-Market EV Brand In May: Report

Nio Inc's expansion strategy gains momentum with the imminent launch of its mass-market EV model, targeting affordability without compromising quality. CEO William Li's confirmation of the Onvo sub-brand's focus on challenging Tesla's Model Y underscores Nio's commitment to global competitiveness.

Fraudsters target small businesses with scams. Here are some to watch out for

NEW YORK (AP) — It's never fun to be scammed, but if you're a small business owner then falling for a scam can have long-lasting effects on a business, damaging client relationships and profit.

America's "Least Woke" CEO Has a Different Idea for Your Money - Ad

Porter Stansberry might be the "least woke" CEO in America. And today he says, "There's a new form of money in America, making some people (including Elon Musk, Jeff Bezos, and Tim Cook), rich." It has nothing to do with gold or bitcoin, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

Elon Musk, Mark Zuckerberg Missing From AI Safety Board, MKBHD Reviews Rabbit R1 And More: This Week In AI News

This week was full of news from the tech and investment world, including Musk's thoughts on AI, Wood's significant trades, Intel's popularity on Reddit, and MKBHD's review of a new AI device.

Donald Trump Could Still Win Even If He Loses In Supreme Court Over Presidential Immunity Claim

Former President Donald Trump could see a strategic victory in his Supreme Court case, even if the court dismisses his claim regarding presidential immunity.

Elon's New A.I. Device is About to Shock the World - Ad

Using this device you see... Elon Musk just tested a new type of A.I. that according to Wired Magazine will usher in... "The next step in human evolution."

Angel Reese, Cardoso debuts watched widely on fan's livestream after WNBA is unable to broadcast

The WNBA debuts of Angel Reese and Kamilla Cardoso were widely watched on a social media who stepped in when the league's app couldn't broadcast the game.

One way to appreciate teachers: These schools provide their day care

NAMPA, Idaho (AP) — When Christina Zimmerman returned to teaching last year after maternity leave, she grappled with postpartum depression that she says could have led to quitting her job.

The No. 1 Crypto for 2024 - Ad

It's expected to soar 20X bigger than Bitcoin.

Traffic snarled as workers begin removing bridge over I-95 following truck fire in Connecticut

NORWALK, Conn. (AP) — Workers on Friday began removing a bridge over a Connecticut highway that was damaged in a fiery crash involving a gasoline tanker truck — a project expected to keep both sides of Interstate 95 closed through the weekend and extend a traffic nightmare on the major artery linking New England and New York.

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse - Ad

One unknown AI startup could match or even exceed AI's biggest runs in the coming years. Why? Because its technology solves the biggest problem holding back AI. It's a critical component that the industry can't advance without. This company just went public, so right now, it's under the radar.

Campaign to build new California city submits signatures to get on November ballot

SAN FRANCISCO (AP) — A wealthy Silicon Valley-backed campaign to build a green city for up to 400,000 people in the San Francisco Bay Area has submitted what it says are enough signatures to qualify the initiative for the November election.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service