AI Development Practices Act of 2024

The AI Development Practices Act of 2024 requires the National Institute of Standards and Technology (NIST) to develop voluntary guidance for AI developers on best practices for creating, releasing, and assessing artificial intelligence systems. This guidance will cover defining risk tolerances (including security, economic, and social risks), documenting system characteristics like fairness and safety, and public reporting of capabilities and limitations. NIST must update the guidance periodically, base it on international standards and industry practices, and report to Congress within 18 months on new materials and policy recommendations. The bill does not mandate specific actions but aims to foster industry-wide communication and coordination on AI development practices.