Artificial Intelligence (AI) is all the rage now. There are all numbers of folks developing AI technology and applications that range from simple to complex. We don’t know much about AI’s benefits, its pitfalls or how it works and learns, but that’s not stopping us from developing and using it.

With so much attention and uncertainty, government agencies are considering how to regulate AI. Yet not many in government service understand the integration of AI within the scope of their regulatory reach nor do they fully understand the technology. But that’s not stopping them from regulatating it.

One example: the Federal Trade Commission (FTC). Their thinking goes like this – Company A uses AI to develop its pricing strategy for a particular product/service and separately Company B does the same.

Both companies use the same open-source data and both companies arrive at the same price for the product/service (which is logical because the AI will be developing price on the same data). But the FTC considers the companies guilty of price fixing under the anti-competition rules. Thus, in the government agency mind, some type of AI regulation is needed.

As I write this, the FTC is considering preventing the use of sensitive health information, geolocation information and browsing data in teaching AI its functionality. This type of broad-based regulation fails to consider unintended consequences associated with such limitations or how such limitations could negatively impact providers.

Let’s say no regulation right now. Let’s not jump into action that may be an overreaction.

There are too many governmental regulatory divisions that AI cuts across and too many unknowns about AI’s functionality. What is needed are some form of guardrails to prevent AI technology from getting off track.

There needs to be a convening – a meeting of the minds if you will – by the IT, technology and health care industries collectively to create AI guardrails. That’s the best way out and gives us a clear way forward.

This blog is part of a series on AI and its impact on policy, health care and life. Read Does AI learn and incorporate our biases and Errors in formulas and what it means for AI.