US Rep. Ted Lieu (D-Ca.) is a part of the bipartisan effort introducing the Federal Artificial Intelligence Risk Management Act to Congress. The bill aims to provide AI regulatory guidelines for federal agencies and companies collaborating or contracting with the government. Rep. Lieu joins Yahoo Finance's Akiko Fujita and Rachelle Akuffo to discuss the bill's focus on being "process-orientated" in comparison to European efforts to regulate AI. "So one way is to put in a process-orientated approach making the federal government and companies think about the AI they're deploying and how they themselves make sure that the AI they're using doesn't harm people," Rep. Lieu explains. "Another... is to make sure that our existing legal structure can go after harms caused by AI, whether it's discrimination in hiring or giving out of loans." Click here to watch more of Yahoo Finance's "AI Revolution" special coverage this week, or you can watch this full episode of Yahoo Finance Live here. Editor's note: This article was written by Luke Carberry Mogan.

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