Illinois Lawmakers Just Passed America’s Strongest AI Safety Bill
Action Required: Monitor state-level AI legislation, as it may influence future vendor due diligence requirements for AI tools used in your practice.
Illinois has passed legislation requiring major AI developers like OpenAI and Google to undergo third-party safety audits. While this bill targets AI developers rather than financial advisors directly, it signals a growing trend of state-level AI regulation that may eventually impact the compliance standards for AI tools used in financial services.
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