Top Democrat Maxine Waters (D-California) of the House Financial Services Committee has called on Commissioner Patrick Henry (RN.C.) to hear the implications of Big Tech’s forays into artificial intelligence. I am asking you to schedule an appointment.
In Thursday’s letter, Waters urged McHenry to “immediately schedule” a committee hearing on the impact of ChatGPT, Microsoft Bing’s AI chat and other AI on the housing and financial services industry.
“The speed of AI development could outpace the role of Congress and regulators in fully assessing and understanding the harms of AI systems, and the ability to introduce integrated consumer and investor protections. ‘” wrote Waters. “The Commission needs to act quickly to consider the potential disruptive impact of these powerful AI models.”
Waters said that if the growth of AI is not closely monitored, it could cause massive social and economic harm, including exposing consumer data, creating inaccurate financial valuations, and potentially disseminating misinformation. It said it could give a boost and could pose a risk to financial stability.
Goldman Sachs, for example, has warned that the job market could face significant disruption if AI delivers its promised capabilities. The investment bank estimates that about two-thirds of current jobs are exposed to some degree of AI automation, and AI could cost 300 million jobs worldwide. (Though, in theory, that would be offset by the creation of new jobs.)
Waters, who spearheaded the last meeting of the Task Force on Financial Technology and AI, focused on ethical and legal issues related to algorithmic bias and discrimination, especially when automated programs do not behave as intended. Concerns were raised. The task force found that AI could embed inequality in financial services and housing markets by using data that reflects underlying bias and discrimination.
Waters’ warning comes after Sam Altman, chief executive of OpenAI, the Microsoft (MSFT)-backed AI research and technology firm that helped create ChatGPT, told the Senate Judiciary Subcommittee last month that reducing the risks of AI systems It was issued after testifying that government intervention was necessary. .
“We will create a new agency that will license any initiative above a certain scale, and we will strip that license to ensure compliance with safety standards,” Altman said. “Second, I will create a set of safety standards…[There should be] Certain tests that a model must pass before it can be deployed to the world. ”
Altman also said it will be important to include “independent audits” from “experts who can determine whether a model complies with state and safety standards.”
All the top CEOs of high-tech companies working on AI technology (Sundar Pichai, CEO of Google’s parent company Alphabet (GOOG), which developed the AI chatbot Bard, Satya Nadella, CEO of Microsoft, Mr. Altman of OpenAI, etc.) met with Vice President Kamala Harris and Vice President of Commercial Affairs. Last month, Secretary Gina Raimond discussed the dangers of AI and the US role in it.
Inaccurate answers, fabricated information, and many other things have been circulated about Microsoft’s interactions with ChatGPT, which led the company to first retract and then relaunch ChatGPT after its release in February. became. A new report in the Wall Street Journal this week reveals that some Microsoft executives feel he’s launched ChatGPT too soon. The main reason is that the issue has not been resolved yet. Meanwhile, OpenAI has suggested that Microsoft will delay the integration of its AI technology with Bing.
Both parties in Congress have expressed concerns about AI, including Rep. McHenry, who is concerned about privacy and other risks associated with rapidly ubiquitous technology.
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Jennifer Schoenberger is a financial journalist covering markets, economics and investments for over 14 years. At Yahoo Finance, we cover the Federal Reserve, cryptocurrencies, and the intersection of business and politics.she can follow her @Jenniferisms
