Sens Bennet, Welch Release Proposal to Establish New Federal Agency to Prevent Catastrophic AI Risk, Regulate Big Tech

Sens Michael Bennet (D-CO) and Peter Welch (D-VT) announced a new proposal building off of their landmark legislation to create a new independent federal agency to regulate frontier artificial intelligence models and social media. The AI Regulator Act would require pre-certification for frontier AI models, delay the public release of any AI model that could pose catastrophic risks without necessary safeguards, and issue formal rulemakings able to keep pace with the speed of innovation. It could also conduct investigations, engage in research, and impose penalties of up to 15 percent of a firm’s prior-year global revenue. These new authorities add to the proposed Federal Digital Commission longstanding remit to regulate the largest digital platforms, and ensure that a dedicated agency is empowered to protect Americans from catastrophic AI risk, safeguard our kids online, reduce harmful market concentration, and prevent national and economic security risks.