A new executive order signed by President Trump on February 11, 2019 is intended to maintain American leadership in artificial intelligence (AI) research and development (R &D). The order directs certain federal agencies to pursue various strategic objectives to promote and protect American advancement in AI. Those agencies are to be identified by the National Science and Technology Council Select Committee on Artificial Intelligence Select Committee. In addition, any of such agencies that perform R&D are directed to make AI an R&D priority.
Among other things, the executive order also:
Last summer, the U.S. Treasury Department issued a report that recommended sweeping regulatory changes intended to promote innovation in the consumer financial services market, reduce regulatory burdens on consumer financial services providers, and update regulations applicable to various types of consumer lending and related consumer financial products and services. That report included a section focused on big data, machine learning, and AI in which the Treasury stated that it recognized the significant benefits that the increased application of AI and machine learning technologies can provide. It urged regulators not to impose unnecessary burdens or obstacles to the use of AI and to provide greater regulatory clarity that would enable further testing and responsible deployment of such technology.