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Joint Economic Committee Releases New Report on Artificial Intelligence

Washington, D.C.—Today, the Joint Economic Committee (JEC) Democrats released a new report detailing how the United States government can maintain American leadership in artificial intelligence (AI) through public investment and workforce development. 

The report comes ahead of a widely anticipated Congressional AI Insight Forum taking place later this week.  

The rapid rise of AI tools has the potential to alter nearly all aspects of society with large but uncertain impacts on the economy and labor market. The new report details the potential impacts on the U.S. labor market and the demand for different jobs, as well as risks associated with new AI technologies, including magnified biases in hiring processes, data manipulation, and privacy concerns. Finally, the report details funding opportunities in AI safety and development, and the need for increased investments in AI education and workforce training and reskilling.  

JEC Chairman Martin Heinrich (D-NM), the Founder and Co-Chair of the Senate Artificial Intelligence Caucus, said, “Artificial intelligence is quickly becoming one of the most important economic forces globally. It will change the way we work, live, and interact with each other. We need to act now to shape the trajectory of AI to maximize its potential to improve our quality of life, while also ensuring it does not undermine our fundamental freedoms.

“By educating, training, and reskilling our workforce, we can ensure the United States is ready to support the new jobs that AI will create and meet the challenges of an AI-augmented labor market, without leaving anyone behind. We must also make sure that the U.S. remains a leader on AI technology and stands ready to support safe and ethical AI development while maintaining our global economic competitiveness. This new report details some of the ways that we should be leading on this topic.”  



About Chairman Martin Heinrich  
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.  

About the U.S. Congress Joint Economic Committee 

The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??