Microsoft has called for the US federal government to create a new agency specifically focused on regulating AI, Bloomberg reports. In a Washington, DC-based speech attended by some members of Congress and non-governmental organizations, Microsoft vice chair and president Brad Smith remarked that "the rule of law and a commitment to democracy has kept technology in its proper place" and should do so again with AI. Another part of Microsoft's "blueprint" for regulating AI involves mandating redundant AI circuit breakers, a fail-safe that would allow algorithms to be shut down quickly. Smith also strongly suggested that President Biden create and sign an executive order necessitating that the National Institute of Standards and Technology's (NIST) risk management framework be followed by any federal agencies engaging with AI tools. He added that Microsoft would also adhere to the NIST's guidelines and publish a yearly AI report for transparency.