Investor groups have backed a submission led by the Open Media and Information Companies Initiative (Open MIC) which asks the U.S. National Telecommunications and Information Administration (NTIA) to develop guardrails on artificial intelligence (AI) development and use.
The joint filing unveiled in a July 10 announcement argues that it is imperative that both investors and society are able to trust in the safety and credibility of AI.
Open MIC was joined in the submission by investor groups including NEI Investments, Arjuna Capital, Azzad Asset Management, and Zevin Asset Management.
The feedback issued in response to the NTIA’s request for comments on AI system accountability measures and policies addresses a range of investor concerns.
These include a lack of transparency in the AI sector, the deficit of standards for the nascent AI auditing and assessment field, and the absence of federal privacy and liability frameworks to govern company responsibility for the inputs and outputs of their AI models.
“Despite the lack of safety precautions, AI models have already been integrated across a number of sectors that bear on fundamental human rights and social interests like finance, healthcare, employment, law enforcement, defense, and housing,” said Open MIC deputy director Audrey Mocle. “Investors are effectively absorbing the risk of these models producing adverse outcomes, including real harms on users and communities.”
The NTIA is set to draft a report on AI accountability policy development following the public consultation process.