New York Governor Kathy Hochul signs RAISE Act to regulate AI safety

New York Governor Kathy Hochul Signs RAISE Act to Regulate AI Safety

However, the tech industry has been skeptical about the bill, with some companies lobbying against it.

Moreover, the bill requires large AI developers to publish information about their safety protocols and report safety incidents to the state within 72 hours.

Consequently, the bill will create a new office within the Department of Financial Services to monitor AI development.

Key Provisions of the RAISE Act

In addition, the bill will require companies to submit safety reports and make false statements, they can be fined up to $1 million ($3 million for subsequent violations).

Meanwhile, California Governor Gavin Newsom signed a similar safety bill in September, which Hochul referenced in her announcement.

Therefore, the bill will create a unified benchmark among the country’s leading tech states as the federal government lags behind.

Industry Response to the RAISE Act

However, not everyone in the tech industry has been supportive of the bill.

Moreover, a super PAC backed by Andreessen Horowitz and OpenAI President Greg Brockman is looking to challenge Assemblyman Alex Bores, who co-sponsored the bill with Gounardes.

Consequently, the Trump Administration has signed an executive order that directs federal agencies to challenge state AI laws.

Next Steps for the RAISE Act

In addition, the bill will be implemented next year, with lawmakers agreeing to make Hochul’s requested changes.

Meanwhile, the tech industry will continue to lobby against the bill, with some companies calling for federal legislation.

Therefore, the future of the RAISE Act remains uncertain, as the tech industry and lawmakers continue to debate its provisions.

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