The VET Artificial Intelligence Act directs the National Institute of Standards and Technology to develop voluntary technical guidelines within one year for evaluating and validating artificial intelligence systems, both through internal company reviews and independent external assessments. These guidelines would address issues like consumer privacy protections, methods for reducing AI-related harms, data quality standards, transparency requirements, and appropriate qualifications for people conducting these evaluations. The bill primarily affects AI developers and companies that deploy AI systems, as well as third-party organizations that assess AI tools, though compliance remains entirely voluntary. It also creates a temporary 20-member advisory committee to recommend qualification standards for AI assessors, which must issue its report within one year of formation before dissolving. Additionally, the Commerce Secretary must study the capabilities of the industry that conducts these AI assessments and report findings and recommendations to Congress within roughly two years of the bill's enactment.
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