Arati Prabhakar, the Science Advisor to President Joe Biden, stated on Friday that the US and like-minded nations, including India, must collaborate to shape the future of artificial intelligence, as the administration enlisted several IT giants such as Google and Microsoft to ensure that it is not misused and is used for the public good.

“The work that we are doing includes working with corporations to hold them accountable, and significant progress has been made today in this regard. In an interview with PTI, Indian-American Prabhakar said, “We’re also working on executive actions that we can take within existing law, and the President is mulling over an executive order that we believe can significantly enhance our ability to deal with AI’s harms and start using it for good.”

“This is what the executive branch can do. We will also continue to collaborate with Congress on bipartisan legislation as they begin to introduce legislation. Then, critically and supporting all of this is the work we’re doing globally with our international partners and allies, including India,” Prabhakar stated.

This is due to the fact that this is a global technology. It is pervasive. In response to a question, she stated, “We want to ensure that like-minded countries work together to shape the future of AI, as it affects everyone’s lives and has the potential to do so.”

She stated that artificial intelligence was one of the major topics of discussion when President Joe Biden met with Prime Minister Narendra Modi last month.

“I believe that is at the forefront of our global leaders’ concerns when they meet with President Biden. This occurred with Prime Minister Modi and numerous others. “I had the opportunity to be present during the Prime Minister’s address to Congress, the State Dinner, and the luncheon hosted by the Vice President and the Secretary of State, where artificial intelligence came up repeatedly,” she said.

In fact, the prime minister made a hilarious jest when he addressed Congress, stating that he believed AI stood for America, India. “However, I believe that the underlying theme of many of the conversations that have taken place is precisely what you’re saying: we’ll need to join forces and be clear about how to achieve safe AI so that all of our citizens can benefit from it,” Prabhakar said.

Prabhakar, who has spent half of her professional life in Silicon Valley and whose primary residence is in Palo Alto, says she can feel the enthusiasm in Silicon Valley regarding artificial intelligence.

“What I would say is to create amazing applications for artificial intelligence because that’s part of how we’re going to move forward, and while you’re doing that, create AI that is safe and trustworthy so that it ultimately helps us,” she said.

On Friday, Vice President Biden announced voluntary commitments that the administration negotiated with seven prominent AI companies. These companies include Google, Microsoft, Amazon, Meta, as well as some of the lesser artificial intelligence companies. A number of tech companies, including some of the largest leaders in AI, are committing to safety, security, and trust.

It’s the first time that the industry has begun to come together and accept responsibility, so holding these companies accountable is a monumental achievement.

“Then we’ll be working on what we need to do as an executive branch, which will include determining how to manage AI as it facilitates voice cloning and deception. As cybercrime becomes less difficult, some of these ills advance. How can we mitigate these damages within the existing laws and regulations?” she asked.

“How do we then begin using AI for public purposes? How can we use it to address the climate crisis we are facing? How can it be used to enhance health outcomes for all Americans and people around the world? Therefore, we are aware of both the positive and negative aspects and are actively working on both,” she said.

She described AI as the most powerful technology of our time and said the president has made it plain that its application will reflect their values. However, this is also true throughout the globe.

“We are aware that every region of the globe is using AI to create a future that reflects their values. Prabhakar stated, “I believe we can all agree that we do not wish to live in a future shaped by authoritarian regimes and driven by technology.”

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“That’s why I think it’s so important for democratic, like-minded countries to work together to use AI in ways that reflect our values,” said the top American scientific official.

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Treasury Secretary Janet Yellen stated on Sunday that the federal government will not bail out Silicon Valley Bank, but will assist depositors who are concerned about their finances.

The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy individuals who used the bank — renowned for its relationships with technology startups and venture capital — had deposits in excess of that amount. There are concerns that some workers across the nation will not be paid.

In an interview with CBS’s “Face the Nation,”   Yellen offered few specifics regarding the government’s next steps. However, she emphasised that the current situation was very different from the financial crisis that occurred nearly fifteen years ago, which resulted in bank bailouts to protect the industry.

“We will never do that again,” “She stated, “However, we are concerned about depositors and endeavour to meet their needs.”

After the collapse of Silicon Valley Bank, Treasury Secretary Janet Yellen attempted to reassure Americans that there would be no domino effect.

“The American banking system is extremely secure and adequately capitalised.” “She stated, “It’s durable.”

Silicon Valley Bank is the sixteenth largest bank in America. It was the second largest bank failure in American history, following the 2008 collapse of Washington Mutual. The majority of the bank’s clients were technology workers and venture capital-backed businesses, including some of the industry’s most recognisable brands.

Silicon Valley Bank began its descent into insolvency when its customers, who were primarily technology firms struggling to obtain financing, began withdrawing their deposits. To cover the withdrawals, the bank was forced to sell bonds at a loss, resulting in the largest failure of a U.S. financial institution since the height of the financial crisis.

Yellen identified the Federal Reserve’s decision to raise interest rates to combat inflation as Silicon Valley Bank’s primary problem. As interest rates rose, many of its assets, such as bonds and mortgage-backed securities, lost market value.

She stated, “The problems with the technology industry are not at the heart of the problems at this bank.”

Yellen predicted that regulators would consider a “vast array of available options,” including the acquisition of Silicon Valley Bank by another institution. To date, however, no buyer has presented themselves.

Friday, regulators seized the bank’s assets. The federal government-insured deposits are expected to be accessible by Monday morning.

“I spent the entire weekend working with our banking regulators to design policies to address this situation “Yellen said. “I cannot provide additional information at this time.”

President Joe Biden and Democratic California Governor Gavin Newsom discussed “efforts to address the situation” on Saturday, but the White House did not provide additional information regarding next steps.

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The objective was to “stabilise the situation as soon as possible in order to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as the fulcrum of our economy.”

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