CEI Expert Warns One-Size-Fits-All Regulation of Artificial Intelligence will Hamper Innovation, Invite Rent-Seeking
The Senate Judiciary Committee heard testimony today from technology executives overseeing artificial intelligence (AI) programs. Those executives were asked about oversight of the new technology and potential new federal regulations.
Director of CEI’s Center for Technology and Innovation Jessica Melugin said:
“Artificial Intelligence (AI) might be new, but some things never change. Some ‘classics’ on display at today’s AI hearing include: that industry leaders like (and often ask for) regulation that keeps up-and-coming competitors at bay, that new technology strikes fear into the hearts of some, and these members of Congress have absolutely no idea how the technology they want to regulate actually works.
“AI will present unpredictable challenges (and more obvious ones, like intellectual property and privacy concerns) but believing that bureaucrats and politicians can anticipate and avoid them with ‘one-size-fits-all’ federal regulation and licensing flies in the face of regulatory history. Technology in the marketplace will outpace regulation, the private sector will respond to problems better and faster than regulation and regulation of AI will come with rent seeking, crony capitalism and political motives.
“It sure would be great if there was a benevolent, all-knowing ruler to set rules that allowed for all advantages and eliminated all risks. But, of course, there isn’t. And even if there were, he or she surely would not be a member of Congress or a federal bureaucrat.”
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