AI Must Be Regulated to Avoid Hurting Growth, National Security Risks, US Chamber of Commerce Says

The US Chamber of Commerce has called for the development of flexible, industry-specific guidance and best practices for AI regulation.

By Reuters | Updated: 9 March 2023 18:53 IST

AI Must Be Regulated to Avoid Hurting Growth, National Security Risks, US Chamber of Commerce Says

Photo Credit: Pixabay

OpenAI made the ChatGPT available for free to the public for testing in Novemnber 2022

Highlights

AI is projected to add $13 trillion to global economic growth by 2030
The report argues policymakers and business leaders to build a framework
The report emphasised the need to be ready for the technology's threats

The US Chamber of Commerce on Thursday called for regulation of artificial intelligence technology to ensure it does not hurt growth or become a national security risk, a departure from the business lobbying group's typical anti-regulatory stance.

While there is little in terms of proposed legislation for AI, the fast-growing artificial intelligence program ChatGPT that has drawn praise for its ability to write answers quickly to a wide range of queries has raised US lawmakers' concerns about its impact on national security and education.

The Chamber report argues policymakers and business leaders must quickly ramp up their efforts to establish a "risk-based regulatory framework" that will ensure AI is deployed responsibly.

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It added that AI is projected to add $13 trillion (roughly Rs. 1,06,700 crore) to global economic growth by 2030 and that it has made important contributions such as easing hospital nursing shortages and mapping wildfires to speed emergency management officials' response. The report emphasised the need to be ready for the technology's looming ubiquity and potential dangers.

The report asserts that within 20 years, "virtually every" business and government agency will use AI.

A product of a commission on artificial intelligence that the Chamber established last year, the report is in part a recognition of the critical role the business community will play in the deployment and management of AI, the Chamber said.

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Even as it calls for more regulation, the Chamber is careful to caveat that there may be broad exceptions to how regulation is applied.

"Rather than trying to develop a one-size-fits-all regulatory framework, this approach to AI regulation allows for the development of flexible, industry-specific guidance and best practices," the report says.

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