FTC Chairwoman Vows to Enforce Existing Laws to Curb AI Risks


TL;DR Breakdown

  • FTC Chairwoman Lina Khan vows to enforce existing laws to curb AI risks.
  • FTC is committed to tracking and stopping illegal behavior involving biased or deceptive AI tools.
  • Concerns raised over powerful firms controlling raw materials, data, cloud services, and computing power required for AI products.

The rapid development of artificial intelligence (AI) has raised concerns regarding the possibility of bias and deceptive practices, as well as the possibility of large corporations controlling the resources required to develop and deploy such products. Lina Khan, chairwoman of the Federal Trade Commission (FTC), has pledged to use existing laws to mitigate the risks associated with artificial intelligence, with a focus on preventing illicit behavior and preserving fair competition.

Existing Laws to Curb Harmful Business Practices

Khan warned in a virtual press conference that the US government will not hesitate to crack down on detrimental AI business practices. She was accompanied by high-ranking officials from U.S. consumer protection and civil rights agencies, who emphasized their dedication to tracking and stopping any illegal behavior associated with biased or deceptive AI tools.

Khan expressed concern regarding the use of automated tools that introduce bias into housing, loan, hiring, and productivity monitoring decisions. In addition, she warned of the danger posed by sophisticated AI tools designed to generate human-like content, as well as AI tools that fraudsters could use to “manipulate and deceive people on a large scale.”

In addition, Khan emphasized that a handful of large corporations already control the basic materials, data, cloud services, and computing power required to develop and deploy AI products. This, she warned, could result in incumbents and established actors unlawfully restraining new entrants in order to maintain their dominance. Khan suggested that the FTC could use its antitrust authority to safeguard competition.

Khan did not name any specific companies or products, but her remarks are likely to increase the pressure on major technology companies, such as Google and Microsoft, which are presently competing to sell more advanced AI tools. Many of the most harmful AI products may already violate existing laws safeguarding civil rights and preventing fraud, according to the regulators. Khan reaffirmed that “there is no AI exemption to the laws on the books.”

Timely regulation to protect consumers

According to an opinion piece written by Khan for The New York Times, the FTC is examining how best to fulfill its dual mandate of promoting fair competition and protecting Americans from unfair or deceptive practices as companies rush to deploy and monetize AI.

US regulators’ warnings come at a time when EU legislators are negotiating new rules to regulate AI, and some in the US are advocating for similar legislation. Khan and other US officials have vowed to use existing laws to protect consumers from any illegal or harmful AI-related conduct.

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John Palmer

John Palmer is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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