Comments argue that investor confidence in AI requires greater transparency and oversight measures.
July 10, 2023 | As the outlook for artificial intelligence (AI) continues to dominate headlines globally, Open MIC filed a joint public comment recommending that the U.S. National Telecommunications and Information Administration (NTIA) develop critical guardrails on AI development and use in order for the potential benefits of AI technology to be realized.
The joint filing argues that it is imperative that both investors and society are able to trust in the safety and credibility of AI. Particularly for responsible investors seeking long-term value creation and financial gain, establishing trust in AI and the companies developing and deploying it will require government-imposed guardrails.
Open MIC was joined in the submission by the Heartland Initiative, NEI Investments, Arjuna Capital, the Seventh Generation Interfaith Coalition for Responsible Investment, Azzad Asset Management, Zevin Asset Management, and the Investor Alliance for Human Rights. The comment comes in response to the NTIA’s request for comments on AI system accountability measures and policies. The NTIA, located within the U.S. Department of Commerce, is the Executive Branch agency that is principally responsible by law for advising the President on telecommunications and information policy issues.
The comment addresses a range of investor concerns, including those related to the 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. It also touches on the potential societal and economic ramifications of a speculative market bubble for companies marketing AI tools, the destabilizing effects of AI-generated mis- and dis-information, and the disruptions to the labor market from AI’s rapid advancements.
These concerns are relevant not only to investors as shareholders in the companies creating and using this new technology but also as key actors in our social economy. To engender confidence in this new and promising technology, investors require transparency and oversight measures that allow them to better assess and manage both the portfolio and societal risks posed by AI.
“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 Audrey Mocle, Deputy Director of Open MIC. “Investors are effectively absorbing the risk of these models producing adverse outcomes, including real harms on users and communities.”
Following public comments, the NTIA will rely on these along with other public engagements on this topic to draft and issue a report on AI accountability policy development, focusing especially on the AI assurance ecosystem.
For more information:
Audrey Mocle
Deputy Director, Open MIC
amocle@openmic.org