The daily business briefing: October 30, 2023

Biden plans to announce AI restrictions, Halloween spending expected to hit record level, and more

Halloween revelers
Halloween revelers
(Image credit: Evrim Aydin / Anadolu via Getty Images)

1. Biden to unveil 1st federal AI restrictions

President Biden on Monday plans to issue an executive order imposing the first federal regulations on artificial intelligence systems, including requiring testing of advanced AI products to make sure they can't be used to help make biological or nuclear weapons. In a Monday speech, Biden will recommend but not require that photos, videos and audio contain watermarks to indicate they were created by AI systems to address the rising fear that "deepfakes" could be used to spread disinformation during the 2024 presidential campaign, according to The New York Times. Previously, the Biden administration restricted the export of advanced microchips to China in a bid to slow its development of AI systems. The New York Times, The Washington Post

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.