"The European Union's executive arm in April proposed a bill to curb the use of artificial intelligence for applications like hiring and policing. It is one of the broadest efforts yet by a Western government to regulate AI.
The legislation would increase regulatory supervision and standards for the development and use of AI in designated high-risk areas, such as college admissions and loan applications; limit the use of facial recognition by police; and ban certain uses of AI.
It is unclear when and if the regulation will become law. In the EU, such laws must be approved by both the European Council, representing the bloc's 27 national governments, and the directly elected European Parliament. Both the European Council and European Parliament are expected to work on responses to the legislation over the course of the next year.
AI experts torn on possible outcomes.
The legislation "can be a critical component in building the sort of trust that is a net positive for everyone," said Christian Troncoso, senior director of policy at trade group BSA | The Software Alliance.
Other experts say the European proposal will run up costs and smother innovation. Thomas Donnelly, chief information officer of software firm BetterCloud Inc., worries about the impact on smaller software companies. Their pace of development may slow as they work to ensure new products meet the EU's requirements. And they may not develop certain AI applications because of wariness over possible legal fees and penalties." [1]
1. For AI, 2021 Brought Big Events --- Year saw a record number of M&A deals amid effort in EU to curb use of technology
McCormick, John. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 30 Dec 2021: B.4.
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