Before the executive order, policymakers held several listening tours and hearings with industry leaders to determine how best to regulate technology. However, the appetite for federal rules around AI has cooled significantly. The lack of federal oversight could lead states to write their own policies, creating a patchwork of standards. Industry-led responsible AI has always existed, but the burden on companies to be more proactive in being accountable and fair may increase. Despite the potential repeal, the Biden administration has guaranteed budgets for AI until 2025.
Key takeaways:
- The incoming Trump administration is expected to repeal an AI executive order by President Joe Biden, which could present challenges for enterprises and possibly benefit companies like Elon Musk’s xAI.
- Without federal oversight, states may create their own AI policies, leading to a patchwork of regulations that could be difficult for companies to navigate.
- Companies may need to be more proactive in implementing responsible AI policies and meeting standards like the European Union’s AI Act, especially as customers demand a focus on safety.
- While AI companies currently enjoy significant investor interest, the new administration might choose not to invest in AI research, potentially impacting high-risk, early-stage projects.