A bipartisan group of U.S. Senate Commerce Committee members, led by Chair Maria Cantwell (D-Washington), unveiled a bill on Thursday to foster research to support the development of artificial intelligence (AI).

Also sponsored by Sens. Todd Young (R-Indiana), Marsha Blackburn (R-Tennessee), and John Hickenlooper (D-Colorado), the Future of AI Innovation Act establishes a U.S. AI Safety Institute under the National Institute of Standards and Technology (NIST) to develop voluntary standards while fostering collaboration between public and private sectors. The bill also would create AI technology testbeds at national labs, free up certain federal science data, and establish a grand challenge.

The AI Safety Institute would develop performance benchmarks, evaluations, and transparency documentation standards for AI systems. In addition, the institute would be tasked with helping companies and consumers to better understand and use AI tools.

Further, the bill directs federal science agencies “to make curated datasets available for public use to accelerate new advancements in AI applications” and would create international alliances on AI standards and R&D. Also under the bill, a grand challenge would be held to elevate high-priority projects and engage researchers to help overcome barriers to further AI development in computing and advanced manufacturing, among other areas, lawmakers said.

“Our bill ensures the U.S. will lead on AI for decades to come,” Cantwell said. “It promotes public-private collaboration to drive innovation and competitiveness. The NIST AI Safety Institute, testbeds at our national labs, and the grand challenge prizes will bring together private sector and government experts to develop standards, create new assessment tools, and overcome existing barriers.”

Young added that the bill encourages partnerships to develop voluntary standards and best practices while safeguarding from potential risks. “Artificial intelligence has enormous potential, but it’s up to us to make sure it’s harnessed for responsible innovation,” Hickenlooper further said.