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Amidst the ever-growing AI industry, industry experts are realizing there is a need for regulation and discussion over this booming technological revolution. Microsoft Vice Chair & President Brad Smith said, “Companies creating AI technology have a responsibility to ensure that it is safe, secure, and remains under human control.”

Leading tech companies such as OpenAI, Microsoft, and Google recently formed a new body that will monitor the safe and responsible development of the next generation of AI models. It is called the “Frontier Model Forum” and was announced on Wednesday.

A blog statement posted by OpenAI explains that the three key areas of focus for the Frontier Model Forum will be facilitating information sharing among companies and governments, identifying best practices, and advancing AI safety research.

The term “frontier AI” models coined by Open AI refers to “highly capable foundation models that could possess dangerous capabilities sufficient to pose severe risks to public safety.”

Anna Makanju, OpenAI’s Vice President of Global Affairs explains- “It is vital that AI companies–especially those working on the most powerful models–align on common ground and advance thoughtful and adaptable safety practices to ensure powerful AI tools have the broadest benefit possible.”

According to Cybernews, the Senate would establish the first-ever AI Insight Forums later this year that will invite AI developers, executives, and experts to speak on possible legislative safeguards.

The founders are planning to consult with public, private, and government entities in order to help with the design of the Forum and how best to collaborate.

The Forum will establish an Advisory Board of diverse backgrounds in the coming months “to help guide its strategy and priorities,” according to the announcement.

Furthermore, the Senate’s Homeland Security and Governmental Affairs Committee also voted on Thursday to advance a new bill that would create a council of AI leaders representing each of the US government’s more than 100 federal agencies, to coordinate the use of the emerging AI technology throughout Washington.