The starting assumption is that AI can help solve current challenges, bringing prosperity, innovation, and security if used responsibly. 

However, the risks associated with its misuse are many because of the speed with which it innovates: fraud, discrimination, bias and misinformation, and national security risks.  

The Executive Order identifies eight guiding principles and priorities to govern the development and use of AI: 

- ensuring security

- promoting responsible innovation, competition, and collaboration 

- upholding the rights of American workers

- advancing fairness, equity, and civil rights

- protecting the interests of American citizens

- protecting privacy and civil liberties

- promoting government efficiency

- promoting American leadership abroad, safeguarding ways to responsibly develop and deploy AI technology

The Executive Order also introduces a series of deadlines for agencies to issue new guidelines and regulations, although many issues may require legislative action (such as a federal privacy law).

At the same time, the Office of Management and Budget released an implementation guidance to establish AI governance structures in federal agencies, advance responsible AI innovation, increase transparency, protect federal workers, and manage risks from government uses of AI.

It also published a draft memorandum directed at departments and agencies, setting out new requirements on AI governance, innovation, and risk management and adopting specific minimum risk management practices for using AI.