Yesterday the White House announced an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence – a landmark measure to ensure that America leads the way in artificial intelligence and protecting citizens’ privacy. The announcement covers a range of topics including the rights of key groups (including workers, consumers, patients, and students, the assurance of responsible government use of AI, and upholding equity and civil rights.
The implications for social impact investing are enormous. AI can help sustainable investors process mountains of data that hold essential information for ESG investing. According to a report by S&P Global, artificial intelligence (AI) is being used to collect and analyze more information than ever before when accounting for environmental, social, and governance risks and opportunities.
Below are a handful of key points covered in the Executive Order:
New Standards for AI Safety and Security. The Order will require companies developing AI systems that pose a serious risk to national security, national economic security, or national public health and safety to share their safety test results and other critical information with the U.S. government, and will develop standards, tools, and tests to help ensure AI systems are safe. AI-enabled fraud and deception will be protected from by establishing standards and best practices for detecting AI-generated content and authenticating official content. A cybersecurity program will be established to develop AI tools to find and fix vulnerabilities in critical software. The National Security Council and White House Chief of Staff will develop a National Security Memorandum on AI and security.
Protecting Americans’ Privacy. Without safeguards, AI can put Americans’ privacy further at risk. The President calls on Congress to pass bipartisan data privacy legislation. The Order envisions protecting Americans’ privacy by prioritizing federal support for accelerating the development and use of privacy-preserving techniques, strengthening the National Science Foundation’s privacy guidance, and developing guidelines for federal agencies to evaluate the effectiveness of privacy-preserving techniques, including those used in AI systems.
Advancing Equity and Civil Rights. The Biden-Harris Administration is taking action to ensure that AI advances equity and civil rights, including by enforcing existing authorities to protect people’s rights and safety. AI algorithms can be used to exacerbate discrimination. The government should provide guidance to landlords, federal benefits programs, and federal contractors, and should investigate and prosecute civil rights violations related to AI.
Standing Up for Consumers, Patients, and Students. The Department of Health and Human Services will advance the responsible use of AI in healthcare and develop affordable and life-saving drugs, and will create resources to support educators deploying AI-enabled educational tools.
Supporting Workers. AI is changing America’s jobs and workplaces, and the President directs the following actions to mitigate these risks. AI can be used to mitigate the harms and maximize the benefits of work for workers by addressing job displacement, labor standards, workplace equity, health, and safety, and data collection.
Promoting Innovation and Competition. Catalyze AI research across the United States by expanding grants for AI research in vital areas like healthcare and climate change, and by providing small developers and entrepreneurs access to technical assistance and resources.
Advancing American Leadership Abroad. The State Department will collaborate with the Commerce Department to establish robust international frameworks for harnessing AI’s benefits and managing its risks, and will promote the safe, responsible, and rights-affirming development and deployment of AI abroad.
Ensuring Responsible and Effective Government Use of AI. AI can help government deliver better results, cut costs, and enhance security, but it also poses risks. AI guidance will be issued for agencies’ use, including clear standards to protect rights and safety, improved AI procurement, and strengthened AI deployment. Agencies will provide AI training for employees at all levels. The Administration is working with allies and partners on a strong international framework to govern the development and use of AI, and the actions taken today support Japan’s leadership of the G-7 Hiroshima Process, the UK Summit on AI Safety, and ongoing discussions at the UN.
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