WASHINGTON, D.C. — At a Joint Economic Committee hearing on “Artificial Intelligence and Its Potential to Fuel Economic Growth and Improve Governance” on Tuesday, JEC Republicans discussed the potential benefits of widespread AI adoption. Committee Republicans reiterated that AI adoption will increase labor productivity, improve government efficiency, and boost economic growth so long as innovators are not bogged down by onerous regulatory requirements. Committee members also discussed the opportunity for AI to revolutionize industries, such as health care, which would dramatically improve consumer welfare and reduce costs. Additionally, the hearing focused on avoiding burdensome AI regulations that will impede America’s ability to compete with China in the AI technology race.

 AI Will Revolutionize the Efficacy of Health Care Delivery

Vice Chairman David Schweikert (AZ-01) explained that increased implementation of AI can help improve patient outcomes and reduce overall health care costs by delivering cures to market faster than ever before.

Vice Chairman Schweikert: “[AI has] the ability to revolutionize the cost and delivery and efficacy of health care. About a month ago, we had one of the first drugs solely designed by AI, a new molecule that looks like it has a remarkable efficacy. How do I get this to move fast because I believe cures are moral? […]  Yesterday we borrowed over $101,000 per second over the last 366 days. If I had come to you a few years ago and said we were going to be over $100,000 per second in borrowing and almost all the growth of borrowing is interest. Interest will now be number two in our spending stack, and the growth of health care. […] Dr. Miller, how do we sell the morality of doing it better, faster, cheaper, and much more accurately?”

Dr. Brian J. Miller, Nonresident Fellow, American Enterprise Institute: “I think it’s immoral not to do that. If we don’t give patients the choice of having cheaper, more efficient, more accessible, more personalized care, we’d be making a massive moral error. […] If you’re a poor American with chronic disease, AI-assisted care is basically the best thing ever because you’ll get more [high-quality] access, and it’s going to be cheaper.” 

Onerous AI Regulations Can Restrict America’s Global Competitiveness

Sen. Eric Schmitt (R-MO) highlighted the AI race between the U.S. and China and the need for the U.S. to become the face of this emerging technology across the globe.

Sen. Schmitt: “America’s position in AI is under constant pressure. China is investing billions and billions into its own AI industry. Some of this investment is for AI surveillance technology to export their malignant surveillance state abroad. There’s no telling what could happen if China became the dominant player in the 21^st century. I’m sure China is watching us – Europe is, too – hoping that we bury our burgeoning AI industry in unnecessary regulation and lose sight of what got us in this position in the first place. The worst thing we could do in this race towards AI is stifle innovation by unleashing the bureaucrats and putting crippling regulations onto innovators. […] This would only serve to hamstring our innovation and give China the keys to this amazing technology. Mr. Thierer, what is it that we should be concerned about in this framework?”

Mr. Adam Thierer, Senior Fellow, Technology & Innovation, R Street Institute: “As of noon today, there were 754 AI bills pending across the United States of America – 642 of those bills are at the state level. That does not include all the city-based bills. […] The cumbersome nature of all those compliance rules added on top of each other – even if well-intentioned – could be enormously burdensome to AI innovators and entrepreneurs. The other thing to note is there have been discussions about the idea of overarching new bureaucracies or certain types of licensing schemes. I have no problem with existing licensing schemes as they apply in the narrow-focused areas where AI might be applied – whether its medicine, drones, or driverless cars. But an overarching new licensing regime for all things AI is going to be incredibly burdensome. That’s a European approach. We don’t want that.

“We’re here on June 4^th. It’s the 35^th anniversary of the Tiananmen Square massacre. When we talk about the importance of getting this right for America and our global competitiveness, it’s important for exactly the reason you pointed out – if we don’t and China succeeds, then they’re exporting their values, their surveillance systems, their censorship. The very fact that I just uttered Tiananmen Square at this hearing means this hearing won’t be seen in China. The bottom line is that means what’s at stake is geopolitical competitiveness, security, and our values as a nation. This is why we have to get it right.”