New York Governor Kathy Hochul signs RAISE Act to regulate AI safety (techcrunch.com)

New York Governor Kathy Hochul has signed the RAISE Act, making the state the second in the U.S. to implement significant AI safety regulations. Originally passed by lawmakers in June, the act mandates that large AI developers disclose their safety protocols and report any safety incidents within 72 hours. A new office within the Department of Financial Services will oversee AI development, and companies may face fines of up to $1 million for failing to comply. This legislation aims to create a unified safety benchmark following California's similar framework, highlighting the need for action as federal regulations lag. The significance of the RAISE Act lies in its potential influence on AI governance by encouraging other states and the federal government to adopt similar transparency measures. Leading tech companies, including OpenAI and Anthropic, expressed their support for the legislation, noting that it reflects a growing recognition of safety in AI development. However, tensions remain in the tech industry, with some lobbying against state regulations, evidenced by a super PAC opposing one of the bill's sponsors. Amidst these developments, the federal government, led by Trump’s executive order, is pushing back against state-level laws, suggesting an ongoing struggle between state and federal authority in AI regulation.