The House Artificial Intelligence Task Force released a report on Tuesday with recommendations on how Congress can boost the development of AI while also protecting against potential risks of the technology.

The Details: The bipartisan House AI task force, chaired by Rep. Jay Obernolte (R-Calif.), released the 253-page document as the culmination of the group's work which began in February.

Obernolte said the report is just the "beginning of the conversation" around AI policy.

"It will only be effective if future Congresses implement some of the recommendations that we have created," he added.

The representative said the task force met to consider bills that it could endorse and introduce for passage this Congress, but the group agreed not to do so in order to remain bipartisan.

"Disagreements started to emerge about the language in each individual bill and we realized that if we wanted to maintain this coalition that was broadly bipartisan ... it probably was counterproductive to actually be talking about legislative language," Obernolte said.

The report contains 66 key findings and 89 recommendations across 14 areas and will serve as the foundation for future legislative action on AI. The effects of future AI legislation will ripple across industries, government agencies and individuals.

Why It Matters: The task force wrote in its report that the government should lead by example and foster trust in AI by using the technology to improve efficiency and services while adopting responsible policies surrounding its use.

Companies that are sufficiently large and capable of handling the government's needs, like Alphabet, Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) could benefit from contracts to supply agencies and departments with AI services.

The House task force also highlighted the importance of promoting AI innovation which may include further legislation like the CHIPS and Science Act, which was designed to promote U.S. semiconductor manufacturing. Intel Corp. (NASDAQ:INTC) received more than $7 billion in direct funding and Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) received $6.6 billion in funding from the program.

Another principle the task force emphasized was its duty to protect against AI-related risks and harms. Companies developing large AI models, such as OpenAI and Meta Platforms, Inc. (NASDAQ:META) may need to report on training and safety processes if the government determines they could pose security or public health risks.

The task force also suggested that future Congresses take an "incremental approach" to AI regulation as the technology is rapidly evolving and legislation will need to adapt and evolve as well.

"What we're embracing here is incrementalism. We don't think it's important that everyone agrees on every single aspect of AI immediately," Obernolte said.