As Americans head to the polls today to elect their next president, a critical question looms: how will the winner's policies impact the future of generative AI?
During the campaign season, both major candidates have devoted significant attention to issues like the economy and immigration. However, little has been said about how either administration would approach the regulation and promotion of generative AI technologies.
Still, companies want policymakers to strike the right balance - fostering innovation while also putting necessary protections in place. After all, AI's potential to boost productivity and create new business opportunities depends on having a supportive regulatory framework.
The stance of the upcoming U.S. administration on generative AI could be pivotal. With over 40% of C-suite executives increasingly worried about the effects of AI regulation on adoption, businesses are closely watching the policy directions of both major candidates. Here are some of the key expectations from the business community regarding the government's role in regulating and promoting the productive use of generative AI.
Continuity with Kamala Harris
If Harris becomes president, businesses anticipate a continuation and expansion of the Biden administration's approach to AI oversight. This could mean:
More support for accessible AI resources through initiatives like scaling the National Artificial Intelligence Research Resource. This could empower companies across sectors, especially those without extensive in-house AI capabilities.
Increased government funding for AI research and development. This could stimulate innovation that would otherwise be challenging for many businesses to undertake alone.
Regulatory oversight with a focus on safety. This could establish guidelines around AI use, helping to prevent misuse while still allowing businesses to explore new, responsible applications of the technology. California's recently introduced bill AB 2655 illustrate the Democrats' concern for safety.
“Safeguarding the integrity of elections is essential to democracy, and it’s critical that we ensure AI is not deployed to undermine the public’s trust through disinformation – especially in today’s fraught political climate. These measures will help to combat the harmful use of deepfakes in political ads and other content, one of several areas in which the state is being proactive to foster transparent and trustworthy AI.” Governor Gavin Newsom (California - Democrat)
A Shift with Donald Trump
Under a Trump administration, a different approach is likely, with priorities centered on deregulation and self-regulation. This shift could result in:
Repealing current AI regulations. By relaxing federal oversight, businesses may have more autonomy to innovate freely, potentially accelerating AI development in sectors like finance, marketing, and manufacturing.
Enhanced access to capital for AI startups. Deregulation could open more funding channels for AI-focused companies, encouraging growth in the sector.
A more U.S.-centric AI strategy. Focusing on AI from an American-first perspective might prioritize domestic businesses, offering a competitive advantage internationally but also raising questions about global cooperation on AI standards. The Biden-Harris administration introduced rules to limit the export of advanced AI related hardware to non-friendly countries such as Chine. A second Trump administration could takes this even further and limit access to training data, models and hardware for countries deemed to be adversary.
Industry Concerns: Clarity and Confidence
Despite the potential benefits of generative AI, businesses have voiced concerns over the need for clear regulations to foster confidence and trust in the technology. Key concerns include:
Balancing regulation and innovation. Excessive or overly restrictive regulations could dampen AI's potential to drive productivity, innovation, and efficiency.
Protecting vulnerable populations. The risk of unintended harm through generative AI, particularly to underrepresented groups, is real. Safeguards are essential to ensuring that AI benefits all segments of society.
Bipartisan stability. A unified approach across parties would help mitigate abrupt shifts in policy, enabling companies to plan AI investments with greater certainty.
What the Business World Hopes to See
As with previous elections, the business world largely looks for certainty and will work with whichever party is in power. The business community would benefit from:
Clarity in regulations. Well-defined guidelines can prevent misunderstandings and reduce risk in adopting AI technologies.
Encouragement of innovation. Incentives, tax benefits, or funding for AI R&D could stimulate AI-driven productivity across industries.
Investment in education and skills training. Generative AI adoption will require a workforce prepared to work alongside AI. Government-led programs to upskill workers would help close the skills gap, ensuring AI can be harnessed effectively in the business sector.
The business world awaits a clear path forward on generative AI policy. As the next U.S. administration takes shape, the decisions made will either propel businesses into an AI-driven future or leave them navigating a more challenging regulatory landscape. Whatever the outcome, businesses will continue to advocate for balanced policies that allow innovation to thrive while ensuring AI benefits society as a whole.
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