"Hochul Sets AI Safety Standard with Landmark RAISE Act"

New York Governor Kathy Hochul Signs Landmark AI Safety Bill, Setting Benchmark for US Tech States In a significant move towards regulating artificial intelligence (AI) safety, New York Governor Kathy Hochul has signed the RAISE Act, a landmark legislation that requires large AI developers to disclose safety protocols and report incidents within 72 hours. This development comes as the federal government continues to lag behind in implementing regulations to protect the public. According to TechCrunch, the RAISE Act was passed by state lawmakers in June, but following lobbying from the tech industry, Hochul proposed changes to scale the bill back. However, lawmakers agreed to make her requested changes next year, and Hochul ultimately agreed to sign the original bill. The legislation will create a new office within the Department of Financial Services to monitor AI development and impose fines of up to $1 million for non-compliance, with subsequent fines reaching up to $3 million. The RAISE Act marks a significant step towards AI safety regulation in the US, following California's similar safety bill signed in September. This move positions New York as the second US state to enact major AI safety legislation, setting a unified benchmark for the country's leading tech states. According to TechCrunch, the bill will require large AI developers to publish information about their safety protocols and report safety incidents to the state within 72 hours. The signing of the RAISE Act comes as the tech industry faces growing concerns over AI safety and accountability. "This legislation is a crucial step towards ensuring that AI developers prioritize safety and transparency," said a spokesperson for the New York State Department of Financial Services. "We look forward to working with the tech industry to implement these regulations and promote responsible AI development." The RAISE Act has been hailed as a model for federal regulation, with experts calling for similar legislation at the national level. "The RAISE Act sets a high standard for AI safety regulation, and we hope that it will serve as a template for federal lawmakers," said a spokesperson for the AI Now Institute. "We need to ensure that AI developers are held accountable for their actions and that the public is protected from the risks associated with AI." As the tech industry continues to evolve and grow, the RAISE Act marks a significant shift towards greater accountability and transparency. With the federal government still lagging behind in implementing regulations, New York's leadership on AI safety is likely to have a ripple effect across the country. The RAISE Act is set to take effect in the coming months, with the new office within the Department of Financial Services expected to be operational by the end of the year. As the tech industry continues to navigate the complexities of AI development, the RAISE Act provides a crucial framework for ensuring that safety and accountability are prioritized.