Business News Tech AI Major new US regulation on AI unlikely despite rising political focus: UBS Report

Major new US regulation on AI unlikely despite rising political focus: UBS Report

In the United States, significant regulations on Artificial Intelligence appear improbable, as economic optimism prevails. This technology is viewed as a cornerstone for future economic growth and enhanced productivity. The midterm elections are predicted to have a minimal effect on existing regulations. While developers advocate for stricter safety protocols, the tech industry has opted for voluntary collaborations instead.

Major new regulations on Artificial Intelligence (AI) in the United States are unlikely to emerge despite the technology becoming a central issue in the country's midterm elections, according to a report by UBS. The report said a light-touch approach to AI regulation is likely to continue, partly because of the expectations that AI will provide a long-term boost to the US economy through higher economic growth and productivity. "AI has become one of the central issues of the mid-term elections but is unlikely to sway the ultimate outcome, which should result in the Democrats retaking the House and possibly the Senate," the report stated.

UBS said the midterm elections are unlikely to result in significant new AI regulations, suggesting the existing approach to regulating the technology could largely continue. "Notable new regulations are unlikely to materialise because of the midterms," the report said. The report linked this outlook partly to the economic expectations surrounding AI. It said the technology is expected to play an important role in supporting long-term US economic growth, making a light-touch regulatory approach more likely to persist.

Source link