Mandating Impact Assessments for AI Used in Critical Life Decisions.
This Act requires large corporations to assess how their automated systems and AI impact critical consumer decisions, such as those related to employment, housing, or financial services. Companies must proactively identify and mitigate potential negative consequences, including algorithmic bias, and provide consumers with clear mechanisms to appeal automated judgments. The Federal Trade Commission (FTC) will oversee these assessments and maintain a public repository of key information regarding the algorithms in use.
Key points
Bias Protection: Companies must test algorithms for differential performance based on characteristics like race, gender, or age to prevent discrimination in critical decision-making processes.
Right to Recourse: Consumers gain the right to be notified when an automated system is used for a critical decision (e.g., loan approval, job application) and the ability to contest, correct, or appeal the outcome.
Transparency and Oversight: The FTC will establish a public repository detailing which large entities use automated systems for critical decisions and how consumers can seek recourse.
Scope of Decisions: The law covers decisions significantly affecting a consumer's life, including access to education, employment, financial services, healthcare, and housing.
Expired
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