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Washington pushes for new AI rules that protect artists as Hollywood backlash grows
Senators are pushing to introduce a bill as early as June that would establish rules governing the use of artificial intelligence in the music and film industries, an effort that coincides with new tensions over AI plaguing Hollywood.
The NO FAKES Act — which stands for Nurture Originals, Foster Art, and Keep Entertainment Safe — is a bipartisan proposal that would prevent individuals or companies from using AI to produce an unauthorized digital replica of their image or voice.
The lead sponsor is Senator Chris Coons (D-DE), chairman of the Senate Intellectual Property Subcommittee.
He and Senators Amy Klobuchar (D-MN), Marsha Blackburn (R-TN) and Tom Tillis (R-NC) are still discussing details with artists, the music industry and the film industry, according to Senate aides.
U.S. Senator Chris Coons (D-DE), the lead sponsor of the NO FAKES Act. Photo: REUTERS/Al Drago (REUTERS/Reuters)
“We will have to draft a national AI bill or the world will not be the same as we know it,” Klobuchar said.
“Composers, actors and our incredibly talented creative community deserve the right to own their voice, image and likeness,” added Blackburn, the lead Republican on the bill.
Concerns about AI’s effect on the entertainment industry intensified last week due to a conflict between actress Scarlett Johansson and OpenAI, the maker of ChatGPT.
She accused OpenAI of using a voice “eerily similar” to hers in its new chatbot, although she declined the company’s request to use her voice. OpenAI has since abandoned the use of voice, but has not indicated why.
Scarlett Johansson at the 76th Cannes Film Festival in 2023. Photo: REUTERS/Yara Nardi (REUTERS/Reuters)
Musical artists are also increasingly concerned that there is little protection for their own names, images and voices used to create AI-generated music.
Singers Ariana Grande and Lainey Wilson are among those who have had their voices imitated without permission, while last year an anonymous artist released a song called “Heart on my Sleeve” that falsely impersonated the voices of Drake and The Weeknd.
“The toothpaste is out of the tube,” musician Sheryl Crow said earlier this month while participating in an annual lobbying event in Washington known as Grammys on the Hill.
“We’re going to have to try to figure out a way to create protective parameters and barriers. We’ve already seen artists whose voices were used after they passed away. We’re also seeing artists being used when they have nothing to do with something that’s been publicized that is terrifying.”
Sheryl Crow performing in 2023. REUTERS/Eduardo Munoz (REUTERS/Reuters)
There are some important issues for senators to discuss before any national AI bill can be considered for a vote.
The story continues
They have to figure out whether this law would replace a certain patchwork of state laws that are already on the books, like the ELVIS Act in Tennessee.
They also have to decide how long they will impose restrictions on licensing and transfers of an artist’s digital replica and how long postmortem rights will last.
A draft version of the bill would extend authorization for digital replication to the heirs, executors or assigns of a deceased person for a period of 70 years, which is modeled after the equivalent term for copyright protection.
Some in the film industry want Year Zero, while others in the music industry believe it should last forever. Others believe that it should only survive as long as the work is being sold.
The film industry supports protecting artists from unauthorized replication of their images and voices, but has warned lawmakers to be careful not to limit First Amendment rights and regulate the content of speech.
“Very careful crafting will be required to achieve the goal of addressing these harms without inadvertently chilling the legitimate and constitutionally protected use of technologies to enhance storytelling in our industry,” said Ben Sheffner, senior vice president of the Motion Picture Association, at 30 April while testifying before the Senate Intellectual Property Subcommittee.
Ben Sheffner, senior vice president of the Motion Picture Association, speaks during an April 30 hearing before a Senate subcommittee. (Photo by Anna Moneymaker/Getty Images) (Anna Moneymaker via Getty Images)
Sheffner pointed to an example from the movie Forrest Gump, starring Tom Hanks. Filmmakers used digital replica technology at the time to portray Gump’s interactions with historic presidents John F. Kennedy, Lyndon Johnson and Richard Nixon, and this did not require the heirs’ consent.
The concern is that if consent were required, properties would have the ability to censor depictions they don’t like, which would violate the First Amendment.
The head of the Grammys, Recording Academy CEO Harvey Mason Jr., is encouraged by the discussions in Washington led by Senator Coons.
“It was wonderful to see how receptive people were on both sides of the aisle on the issue of protecting the image, voice and likeness of creators,” Mason said after meeting with the White House and lawmakers on Capitol Hill.
The House has its own bill in the works to combat AI crimes in the entertainment industry, called the No AI Fraud Act, which also aims to establish a federal framework to protect someone’s voice and image.
A Senate Republican aide told Yahoo Finance that talks have begun with the House but are in the early stages as the details of the Senate bill are ironed out.
It is unclear what role Senate Majority Leader Chuck Schumer (D, NY) will play in this potential legislation.
Senate Majority Leader Chuck Schumer, D-NY. (AP Photo/J. Scott Applewhite) (ASSOCIATED PRESS)
He presented a long-awaited roadmap this month detailing actions that congressional committees should take to address the advances and risks of artificial intelligence.
While the new roadmap does not reference any specific legislation on AI entertainment, it does reference the need for legislation that protects against the unauthorized use of someone’s name, image, likeness and voice, consistent with First Amendment principles.
In general, Schumer does not intend to pass a complete AI legislative package, but rather to pass piecemeal legislation. Some types of stand-alone legislation may be attached to other legislation that must be passed.
With six months left until the end of the current Congress in an election year, Senate advisors are still optimistic that something can be approved.
“There will be great innovations with AI, but we have to allow people to have their own voices and their own artwork,” Klobuchar said.
Read the latest financial and business news from Yahoo Finance
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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