Citing concerns over jobs, as well as privacy and “personal liberties,” the U.S. Chamber of Commerce says the fast-emerging field of artificial intelligence should be regulated.

“The use of artificial intelligence (AI) is expanding rapidly,” the business group writes in an executive summary of a report released Thursday. “These technological breakthroughs present both opportunity and potential peril.”

The Chamber writes that investment in artificial intelligence technology “can both create and displace jobs.”

“If appropriate and reasonable protections are not put in place, AI could adversely affect privacy and personal liberties or promote bias,” the group writes.

“A failure to regulate AI will harm the economy, potentially diminish individual rights, and constrain the development and introduction of beneficial technologies,” the Chamber adds.

But the organization, which often argues against business regulations, says laws regarding artificial intelligence “should be created only as necessary to fill gaps in existing law, protect citizens’ rights, and foster public trust.”

The group also is calling for non-binding self-regulation by companies in the industry.

“Policymakers should encourage soft law and best practice approaches developed collaboratively by the private sector, technical experts, civil society, and the government,” the report says. “Such nonbinding, self-regulatory approaches provide the flexibility of keeping up with rapidly changing technology as opposed to laws that risk becoming outdated quickly.”