Speaking at a senate committee hearing on Tuesday, Sam Altman said that AI had the potential to be as big as the printing press and needed stronger regulation.

Altman’s comments come after several months that have seen a huge acceleration in the development of generative AI models, with several products, including ChatGPT, coming onto the market.

Speaking in the committee, Altman also admitted AI would have a huge impact on the economy and jobs market, as well as wider society.

“There will be an impact on jobs – we try to be very clear about that,” he said.

Altman raised concerns about the potential use of AI to send targeted misinformation during elections and suggested a new agency in the US could help regulate the industry, including providing and removing permits for AI companies.

AI firms should also be independently audited, Altman told the committee.

“We think that regulatory intervention by governments will be critical to mitigate the risks of increasingly powerful models,” Altman said.