ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

Last week, another notable AI milestone occurred. Fresh off the heels of the U.S. Treasury's Financial Crimes Enforcement Network and Federal Banking Agencies' recent initiative that urged financial services organizations to implement "innovative approaches" like AI to better combat money laundering, terrorist financing and other illicit financial threats, U.S. Senators Martin Heinrich (D-N.M.) and Rob Portman (R-Ohio) announced the Artificial Intelligence Initiative Act. The bipartisan legislation represents a coordinated, national strategy for developing AI and will provide a $2.2 billion federal investment over five years to "build an AI-ready workforce, accelerating the responsible delivery of AI applications for government agencies, academia and the private sector over the next 10 years." Many businesses are spending exorbitant amounts of time and money on what they think is AI, yet in reality failing to reap any of the benefits of true unsupervised learning technology. This legislation is desperately needed.