Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit commended President Trump’s executive order that blocks states from creating their own regulations around artificial intelligence (AI) while seeking to create national regulatory framework for the technology.
“MBA welcomes President Trump’s executive order on AI and appreciates the administration’s focus on establishing a clear, nationally consistent framework for emerging technologies,” said Broeksmit in a statement. “Technology does not stop at a state border. We believe strongly that a unified federal approach is necessary to avoid a confusing patchwork of state laws and regulations that would stifle innovation and raise compliance and borrower costs.”
Broeksmit highlighted the mortgage banking industry’s commitment to evolving technology and said AI is the next chapter in its support of innovative solutions.
“We will work with policymakers on a legislative framework that builds on this executive order to provide durable guardrails, protect consumers, strengthen the mortgage system, and support a competitive marketplace,” he said. “A clear federal framework will give lenders and technology partners the certainty needed to deploy AI safely and responsibly.”
I’m not quite sure how this executive order squares with Federalism and state’s rights? Shouldn’t states regulate AI use in their classrooms?
If the order is deemed legal, let’s hope congress does a better job with AI than they did with regulation of the internet.
After forty years, we have become accepting of an under regulated Internet that delivers porn to our grandchildren and is rife with fraud. We have become so overly dependent on the Internet that our entire infrastructure and economy will someday come to a grinding halt because the tech geniuses and congress thought it was a good idea to have “everything” connected to and controlled over the internet. When the internet goes down, and it will, so goes our country.
Now they tell us, AI will cure cancer, produce 150 yr life spans and eliminate work. Never a mention of the downsides and exactly what AI can’t do or how it can be misused. If we are in a race with China, do we want to be a better surveillance state?
It’s impossible for congress to properly regulate the tech titans when they have billions to buy the political process.
God help us!
Well stated Jerry
Jerry makes some validate points. Our way of life is so dependent on the electronic and internet system that AI will just accelerate the possibilities of manipulation and control over too much of our country and world. AI needs to be regulated by the federal government. How restrictive and monitored it will be is unknown for the most part. AI may be too big for government. If the USA was more highly restrictive what would stop authoritative states from not exploiting that advantage? What will control companies from secretive research for greater power? This AI thing just makes me think that robots are just around the corner for everyday life and warfare. In the end we as individuals are peons in this area unless one of us become Neo or Mr. Anderson from the Matrix.
Disgusting decision, reprehensible and destructive to our lives, country and world.
Truth is not reality in this country and world today. You nailed it, God Help Us.
Yes, but that has been true through American history. World history, for that matter. Rome had the Patricians (elites) and Plebeians (commoners)
AI uses almost a nearly infinite number of variables to arrive at their answers. As a former statistician I can tell you that the incorrect variables can be input and you get corruption in the output. Variables can be manipulated. Garbage in and garbage out. AI can be used to channel the information you get online about news events to favor a certain group and it is now. Just look at the feed you get on facebook. If you look at one reel on a subject, facebook will feed related news reels on that subject to you constantly. When you are shopping for hotel rooms or airline tickets, if you go away from the site you were looking on and then come back, suddenly the prices have gone up on everything you were looking at. Imagine how AI is manipulating us into buying certain things or voting a certain way. Never forget that AI can be corrupted!