In a meeting on Tuesday (20 June 2023) with Silicon Valley experts at the Fairmont Hotel in San Francisco, U.S. President Joe Biden discussed the opportunities and risks associated with Artificial Intelligence (AI). The meeting, which Yahoo Finance covered, provided insights into the President’s vision for the future of AI and the regulatory measures needed to ensure its safe and beneficial use.
President Biden began by highlighting the transformative potential of AI, stating that it will change how we teach, learn, and solve challenges like disease and climate change. He also emphasized that AI will free up time for individuals to focus on what matters most to them personally.
However, the President also acknowledged the risks associated with AI, particularly to society, the economy, and national security. He affirmed his administration’s commitment to safeguarding American rights and safety, from protecting privacy to addressing bias and disinformation and ensuring the safety of AI systems before they are released.
In response to these challenges, President Biden mentioned the AI Bill of Rights that his administration posted last October to ensure that important protections are built into AI systems. He also referred to an executive order he signed earlier this year directing his cabinet to design the use of AI and a new strategy for funding responsible AI development announced in May.
The President expressed concern about the harm powerful technology can do without the right safeguards, citing social media as an example. He called on Congress to pass bipartisan privacy legislation to impose strict limits on personal data collection, ban targeted advertising to children, and require companies to prioritize health and safety.
In the coming month, the Vice President will convene civil rights leaders, consumer protection groups, and civil society to continue the administration’s ongoing engagement on AI. However, during this meeting, President Biden was keen to hear more from the Silicon Valley experts, acknowledging that he has much to learn and discuss about AI.