Podcast: Can we fix America's financial crises?

Nature abhors a vacuum, rushing to fill it often chaotically. Policymakers, similarly, dislike a regulatory void. The urge to fill it with new laws is strong, frequently leading to shortsighted legislation. There's a common, if flawed, belief that "any law is better than no law." This action bias—our predisposition to do something rather than nothing—might be forgivable in some contexts, but not when it comes to artificial intelligence.

Regardless of one's stance on AI regulation, we should all agree that only effective policy deserves to stay on the books. The consequences of missteps in AI policy at this early stage are too severe to entrench poorly designed proposals into law. Once enacted, laws tend to persist. We even have a term for them: zombie laws. These are "statutes, regulations, and judicial precedents that continue to apply after their underlying economic and legal bases dissipate," as defined by Professor Joshua Macey.