Governor Hochul signs New York's AI safety act (www.engadget.com)

New York Governor Kathy Hochul has signed the RAISE Act, a groundbreaking piece of legislation aimed at enhancing accountability and safety among large AI developers. The act mandates these companies to publish details regarding their AI safety protocols and to report any safety incidents within 72 hours. This move follows California's similar legislation and signifies a growing trend towards regulatory oversight in the AI/ML sector. While the initial draft proposed hefty penalties of up to $10 million for first violations, the final version has moderated these fines to a maximum of $1 million for the first infraction and $3 million for subsequent violations. The act also establishes a new oversight office within the Department of Financial Services, tasked with producing annual assessments of AI developers. This legislation highlights the urgent call for transparency and safety in AI technologies amid ongoing debates about the need for a national standard, as advocated by former President Trump. The implications of this act are crucial for the AI community, as it sets a precedent for regulatory frameworks in the rapidly evolving field of artificial intelligence.