Democrats’ plan raises concerns as it could give China a significant economic edge.

Alarm Bells Ring as Democrats Prepare to Hand Massive Economic Advantage to China

Amid the public’s rising concerns about artificial intelligence, a group of bipartisan lawmakers, led by Democratic Senate Majority Leader Chuck Schumer, have recently pushed for legislation that would regulate the technology.

However, industry experts warned the legislative move could inadvertently give China an economic and technological advantage over the U.S. if AI was overregulated.

On June 9, the experts told Fox News that the federal government and private sector should continue spending on AI and hold back on strict regulations to compete with China.

Diveplane CEO Dr. Michael Capps, while expressing hesitation toward AI regulation, encouraged more investment in the emerging technology.

“I’m a big fan of tripling down on AI spending because that’s how you get savings in the future,” Capps said.

“[For example], better AI investment now is going to reduce health care costs in three years or five years rather than just spending more on entitlements programs.”

Liberty Blockchain COO Christopher Alexander believes possible restrictions passed by Congress are not what America needs, as China is showing no signs of slowing down its AI development.

“They want to win, and they are willing to go to any lengths to do that,” Alexander said. “There are a lot of complicated issues with regard to regulation and AI is extremely dangerous and could take us places where humanity doesn’t want to go.”

“I’m not against regulation, but of course, if we were to regulate it, that would put us at a disadvantage with anyone who didn’t regulate it,” he added.

Gordon Chang, author of “The Coming Collapse of China,” gave advice on how the U.S. could take a step in the right direction regarding American investment in Chinese companies.

“We have to recognize the comprehensiveness of the Chinese system and cut trade and investment with China,” Chang said. “If we do that, China does not have a chance of competing with the United States because we’re a far stronger society.”

Their remarks come after Schumer said last month that lawmakers were working toward drafting legislation that would address the issue of AI regulation, according to the Associated Press.

Sam Altman, the CEO of OpenAI which owns ChatGPT, appeared in front of the Senate Judiciary Committee on May 16, given his industry expertise, to advise that government intervention is critical in controlling the growing risks of AI.

By the end of the hearing, he proposed that a U.S. or global agency be established to license and oversee all AI systems.

“As this technology advances, we understand that people are anxious about how it could change the way we live,” Altman said, per the AP. “We are, too.”

On June 8, two new AI-related bills were introduced to Congress, Reuters reported. The first would require the U.S. government to disclose to people whether it used AI to interact with them, and the second would establish a government body to ensure America remains competitive in the development and use of new technologies.

Legislation is expected to continue on the matter, as Schumer announced on June 6 that senators were attending AI briefings to deepen their understanding of the subject, according to The Hill.

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