The executive order comes after a series of non-binding agreements with AI companies.
The order has eight goals: to create new standards for AI safety and security, protect privacy, advance equity and civil rights, stand up for consumers, patients, and students, support workers, promote innovation and competition, advance US leadership in AI technologies, and ensure the responsible and effective government use of the technology.
The President has limited authority and cannot make laws unilaterally. For sensible AI regulations and laws we will certainly need Congress to do its job, and clearly they're pretty damn bad at that.