On October 30, 2023, President Biden took a major step in regulating the use of artificial intelligence (AI) with the issuance of the "Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence." The executive order is lengthy and identifies several areas of concern with the use of AI, including cybersecurity, competition, labor, health, privacy, and education. While the executive order is focused on directing federal agencies to achieve specific goals, it will have a broad impact on private entities as well.
Some of the impact stemming from this document is evident from the text itself. Private entities will undoubtedly be affected by the wage and hour and union implications contained in the executive order. For instance, it tasks the U.S. Secretary of Labor with consulting labor unions, workers, and other outside entities to "develop and publish principles and best practices for employers that could be used to mitigate AI's potential harms to employees' well-being and maximize its potential benefits."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
