Governor Hochul signs New York's AI safety act

New York Governor Kathy Hochul has signed the RAISE Act, a legislation aimed at increasing transparency and accountability for large AI developers. The act establishes rules for these companies to publish information about their safety protocols and report any incidents within 72 hours. While the initial version of the bill included fines of up to $10 million for the first violation and $30 million for subsequent violations, Hochul's version sets the fines at a maximum of $1 million for the first violation and $3 million for any violations after that. The RAISE Act also creates a new oversight office within the Department of Financial Services that will issue annual reports on its assessment of large AI developers. Additionally, Hochul signed two other pieces of AI legislation earlier in December that focused on the use of the technology in the entertainment industry. However, the article notes that President Trump has been pushing to curb states' attempts at AI regulation and has signed an executive order calling for "a minimally burdensome national standard" instead.