1. SUMMARY:
This bill, titled the "Validation and Evaluation for Trustworthy (VET) Artificial Intelligence Act" or the "VET Artificial Intelligence Act", aims to establish voluntary guidelines and specifications for internal and external assurances of artificial intelligence (AI) systems. Its primary purpose is to develop consensus-driven, evidence-based voluntary standards for testing, evaluating, validating, and verifying AI systems based on their intended applications, use-cases, and risk profiles. The bill seeks to increase trust, adoption, accountability, and governance of AI systems through meaningful assurance methodologies. It further aligns with the goals of the Artificial Intelligence Risk Management Framework published by the National Institute of Standards and Technology (NIST) and the Artificial Intelligence Safety Institute.