New York Governor Kathy Hochul signs RAISE Act to regulate AI safety

Governor Kathy Hochul has signed the RAISE Act, positioning New York as the second U.S. state to enact major AI safety legislation.

The bill will require large AI developers to publish information about their safety protocols and report safety incidents to the state within 72 hours. It will also create a new office within the Department of Financial Services to monitor AI development.

If companies fail to submit safety reports or make false statements, they can be fined up to $1 million ($3 million for subsequent violations).

“This law builds on California’s recently adopted framework, creating a unified benchmark among the country’s leading tech states as the federal government lags behind, failing to implement common-sense regulations that protect the public,” Hochul said.