EU Passes Landmark AI Act to Regulate Technology, But Critics Worry About Stifling Innovation
• European Union passed AI Act to regulate AI technology across member countries based on risk levels, with bans on high-risk systems like social scoring
• Law aims to establish governance structure for AI, including new EU AI Office and Board to oversee technology
• High penalties for violations, up to €35M or 7% of global revenue, depending on infringement
• Critics worry law will stifle innovation and limit consumer choice by over-regulating a technology that is not well understood
• Has some positive aspects like restrictions on use of biometric identification, but exceptions for national security are concerning