Artificial Intelligence (AI) is a hot topic these days and it comes with a lot of pros, a lot cons and a lot of unknown. In July, the White House put out “America’s AI Action Plan” (Plan) which is vastly different from the approach of the previous Administration. The Plan outlines its goal to achieve global dominance in artificial intelligence and that whoever has the largest AI ecosystem will set global AI standards and reap broad economic and military benefits. The goal is for the United States to innovate faster and more comprehensively than our competitors in the development and distribution of new AI technology across every field, and dismantle unnecessary regulatory barriers that hinder the private sector in doing so. The Plan has three main pillars that focus on Innovation, Infrastructure and International Diplomacy and Security.
Jerod Moyer discussed this Plan as well as the potential impact for financial institutions during our August Monthly Connection. Below he touches on how the Plan came to be, the mission and the pillars.