Warren Presses Banking Chairman Scott to Hold Additional AI Hearing With Top Trump Officials as Americans Foot the Bill for Tech Giants

Warren Presses Banking Chairman Scott to Hold Additional AI Hearing With Top Trump Officials as Americans Foot the Bill for Tech Giants

"[I]t has grown increasingly clear that President Trump and his Administration are failing to adequately address the significant threats that AI poses to the American public."

Text of Letter (PDF)

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee sent a letter to Chairman Tim Scott (R-SC), expressing support for the Committee's decision to hold a hearing on artificial intelligence (AI), but urging him to hold an additional hearing on AI policy with Trump Administration officials, including Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick.

"We need to hear directly from Trump Administration officials on the President's approach to regulating AI companies, as well as the Administration's failure to meaningfully oversee the industry." wrote Ranking Member Warren. "Trump Administration officials must explain to the American people why they are footing the bill for the AI giants."

Ranking Member Warren detailed the Trump Administration's failure to oversee advanced and rapidly developing AI models: "[T]he Trump Administration issued a long-awaited executive order (EO) on AI last week in response to the growing cybersecurity risks posed by advanced AI models like Claude Mythos. The EO, however, falls short of meaningfully protecting our financial system from these risks," wrote the Ranking Member. "Rather than developing strict, mandatory oversight standards for AI companies, it instead establishes a model-review process that is entirely optional-leaving AI companies free to ignore the Administration should these voluntary processes become inconvenient."

Ranking Member Warren called on Secretary Bessent to testify on his plans to protect American consumers and the American financial system from Big Tech: "Given that Secretary Bessent reportedly played a leading role in drafting the EO, the American people deserve to hear directly from him on why he is giving leading AI companies a free pass at the expense of Americans' safety and security."

"Secretary Bessent, as head of the Financial Stability Oversight Council (FSOC), needs to answer questions about how the Administration will address the risk building in our financial system, prevent a potential crash, and ensure American families do not have to bailout Big Tech billionaires"

The Ranking Member also called on Secretary Lutnick to testify on his mismanagement of U.S. export controls, resulting in loopholes that may have allowed the most advanced AI chips to flow to companies with ties to China's military: "According to Bloomberg, the guidance shows that "potential loopholes may have allowed Chinese companies like Alibaba Group Holding Ltd. to legally buy servers with Nvidia Corp.'s most advanced AI chips in most countries outside of China itself." Secretary Lutnick should appear before the Committee to testify about the national security implications of his total mismanagement of the Commerce Department."

"Americans deserve to hear directly from the officials charged with protecting them. I therefore urge you to hold a hearing with Administration officials on President Trump's AI policies without delay," concluded Ranking Member Warren.

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