The Best AI Law May Be One That Already Exists
The discussion around AI regulation has intensified, with an increasing number of proposed legislation aimed at governing artificial intelligence. The sheer volume of initiatives raises concerns about the potential consequences of rushing to regulate a rapidly evolving field.
The Current Landscape of AI Legislation
As of early 2024, nearly 636 state bills related to AI have been identified, with 444 pending at the state level. This legislative wave is driven by a desire to preemptively address the challenges posed by AI, particularly in the wake of perceived failures in regulating social media.
Legislative Efforts in Texas and Virginia
Recent bills in Texas and Virginia, such as the Texas Responsible AI Governance Act (TRAIGA) and Virginia’s House Bill 2094, exemplify the trend of granting extensive regulatory powers over AI. These proposals aim to impose strict compliance requirements on AI developers and deployers, potentially stifling innovation.
TRAIGA, in particular, introduces obligations for all parties involved in the AI lifecycle, including developers and distributors, to prevent algorithmic discrimination. The bill mandates the establishment of a new regulatory body, the Texas Artificial Intelligence Council, tasked with defining ethical standards in AI. This raises concerns about the potential for unelected officials to wield significant power over AI regulation.
The Pacing Problem
A prominent issue in AI regulation is the pacing problem, where the rapid advancement of technology outpaces the slower regulatory processes. While businesses innovate at breakneck speed, governmental frameworks struggle to keep up. This disparity necessitates a more measured approach to regulation.
Regulators face a choice: act swiftly to implement new laws or exercise caution and wait for more information before making regulatory decisions. The concept of real options from finance suggests that maintaining flexibility in regulatory approaches can yield better outcomes in uncertain environments.
Challenges with Current Regulatory Approaches
Despite the urgency to regulate AI, existing frameworks are often sufficient to address concerns. Numerous regulations and advisories already govern aspects of AI, indicating that the creation of new statutes may not be necessary. Regulatory bodies can leverage existing consumer protection laws and adapt them to AI without convoluting the legal landscape further.
What Should States Consider in AI Regulation?
States should focus on three guiding principles when crafting AI regulations:
- Focus on Actual Harms: Legislators should address real, documented issues rather than hypothetical risks associated with AI technology.
- Leverage Existing Legal Frameworks: Instead of creating entirely new regulations, states can adapt current laws to encompass AI technology.
- Avoid Outsourcing Legislative Responsibilities: Lawmakers should not delegate their legislative duties to unelected agencies, which can lead to regulatory inconsistencies.
Conclusion
While the impulse to regulate AI is understandable, there is a risk that hasty legislation could undermine the very innovation that has propelled the U.S. to the forefront of technological advancement. By recognizing the strengths of existing frameworks and exercising patience, legislators can foster an environment where both innovation and public safety coexist.
