Keller: Artificial intelligence provision in spending bill has unlikely allies lining up to fight it
The opinions expressed below are Jon Keller's, not those of WBZ, CBS News or Paramount Global.
The "big, beautiful bill" passed by the House contains an artificial intelligence provision that has unlikely allies lining up to fight it.
Artificial intelligence - or AI - is rapidly becoming a key part of our daily lives, providing lightning-fast information and helping machines operate more efficiently.
Halting AI regulation
But like social media before it, AI is also being misused, with many states moving to stop that with new laws. They're all jeopardized by language tucked deep inside the House version of President Trump's so-called "big, beautiful" tax and spending bill that would bar states from regulating artificial intelligence for the next 10 years.
It's a move that has left-wing Democratic Sen. Elizabeth Warren and right-wing Georgia Republican Congresswoman Marjorie Taylor Greene singing the same time. "Republicans just threw the software companies a lifeline," says Warren, and Greene accuses the authors of the provision of "allowing AI to run rampant and destroying federalism in the process."
The halting of AI regulation was just a rhetorical concept at a Senate Commerce committee hearing in early May.
"To lead in AI, the U.S. cannot allow regulation, even the supposedly benign kind, to choke innovation or adoption," declared Sen. Ted Cruz.
And with at least 16 states having already passed AI regulations, the tech moguls on hand loved the idea of overriding them.
"Our stance is that we need to give adult users a lot of freedom to use AI in the way that they want to use it and to trust them to be responsible with the tool," said Open AI CEO and founder Sam Altman.
Calls for guardrails on AI
But like social media before it, AI is often used irresponsibly, fueling misinformation, political manipulation, and pornographic deepfakes.
"Twenty-plus years ago there was a small startup in Cambridge called Facebook and we all thought it was cute and fun," recalled Massachusetts State Sen. Barry Finegold, who is co-sponsoring AI regulation here. "But now Meta says, they'll even admit, that one out of three women have body issues because of their algorithm."
Finegold is one of 260 state legislators from both parties and all states who sent a letter to Congress opposing the regulation moratorium.
"We are all about seeing the growth of AI, we want more companies to come here to Massachusetts, we think it's going to do dynamic things in biotech and so many others," said Finegold. "But what's so wrong with having guardrails out there to protect the public?"
Just a couple of weeks ago President Trump signed into law the "Take it Down Act" which requires platforms to remove pornographic deepfakes and other intimate images within 48 hours of a victim's complaint. And the unusually-bipartisan outcry against this ban on state regulation shows how the tech lobbyists may have overreached this time.
But this episode is part of a larger, long-running debate about the proper balance between regulation and economic growth, and that tug-of-war isn't ending anytime soon.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
18 minutes ago
- Bloomberg
Bloomberg Daybreak: Trump-Musk Feud
On today's podcast: 1) Elon Musk and President Donald Trump engage in a public dispute the traded personal barbs and weighed down Tesla stock and Musk's personal wealth. The dispute began over differences on the GOP tax legislation, with Musk opposing the bill and Trump accusing Musk of being motivated by self-interest. After Tesla shares tanked 14% and Musk's personal wealth dropped by $34 billion, Musk signaled a willingness to cool tensions with Trump, responding to a user's advice to "cool off and take a step back for a couple days" with "Good advice." 2) Tensions appear to be easing between the US and China. President Trump and Chinese President Xi Jinping agreed to further trade talks to resolve disputes over tariffs and rare earth minerals. The two leaders had a 90-minute call, during which Trump acknowledged that the trade relationship with China had gotten "a little off track" but said they are now "in very good shape" with a trade deal. 3) Investors brace for a critical May Jobs Report. Traders are awaiting the key monthly nonfarm payrolls report, which may reinforce expectations that the Federal Reserve will cut interest rates at least twice this year.
Forbes
20 minutes ago
- Forbes
High-Yield Savings Account Rates Today: June 6, 2025
Rates on savings accounts are the same compared to one week ago. You can now earn as much as 5.84% on your savings. Searching for an account where you can save for a rainy day or retirement? Here's a look at some of the best savings rates you can find today. Related: Find the Best High-Yield Savings Accounts Of 2025 Traditional savings accounts, called "statement savings accounts" in the banking world, have been notorious for paying paltry interest in past years, especially after the Great Recession. That's changed more recently, and you can find rates 10-times higher than those offered by traditional financial institutions if you opt for an online bank or a credit union. The highest yield on a standard savings account with a $2,500 minimum deposit amount within the last week has been 5.84%, according to data from Curinos. If you spot a basic savings account with a rate in that ballpark, you've done well for yourself. Today's average APY for a traditional savings account is 0.22%, Curinos says. APY, or annual percentage yield, reflects the actual return your account will earn during one year. It accounts for compound interest, which is the interest that accrues on the interest in your account. High-yield savings accounts typically pay much more interest than conventional savings accounts. But the thing to know is you may have to jump through some hoops to earn that higher rate, such as becoming a member of a credit union or putting down a large deposit. On high-yield accounts requiring a minimum deposit of $10,000, today's best interest rate is 4.88%. That's about the same as last week. The average APY for those accounts is now 0.23% APY, unchanged from a week ago. On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 3.94%. You'll be in good shape if you can get an account offering a rate close to that. The current average is 0.24% APY for a high-yield account with a $25,000 minimum deposit. Interest rates on savings accounts typically fluctuate in response to other rate changes throughout the economy. Savings rates are primarily influenced by the Federal Reserve's rate moves, and the central bank has finally begun reducing its benchmark federal funds rate as inflation has fallen closer to the Fed's 2% goal. Financial institutions usually adjust borrowing and savings rates soon after the Fed changes rates. The Fed votes to adjust rates eight times per year during meetings of the Federal Open Market Committee (FOMC). Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation. The best high-yield savings account pays 5.84% now, according to Curinos data, so you'll want to aim for an account that delivers a yield in that ballpark. But rates aren't everything. You want an account that charges few fees, offers great customer service and has a track record of being a stable institution. Savings yields are variable and can change depending on economic conditions or a bank's particular financial need. Usually rates are influenced by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed. Online banks and credit unions tend to offer the best yields because they can pass along savings from low overhead while also striving to attract new customers.
20 minutes ago
AI risks 'broken' career ladder for college graduates, some experts say
Artificial intelligence could upend entry-level work as recent college graduates enter the job market, eliminating many positions at the bottom of the white-collar career ladder or at least reshaping them, some experts told ABC News. Such forecasts follow yearslong advances in AI-fueled chatbots, and declarations from some company executives about the onset of AI automation. Dario Amodei, CEO of Anthropic, which created an AI model called Claude, told Axios last week that technology could cut U.S. entry-level jobs by half within five years. When Business Insider laid off 21% of its staff last week, CEO Barbara Ping said the company would go "all in on AI" in an effort to "scale and operate more efficiently." Analysts who spoke to ABC News said AI could replace or reorient entry-level jobs in some white-collar fields targeted by college graduates, such as computer programming and law. Current job woes for this cohort, they added, likely owe in part to economic conditions beyond technology. Many blue-collar and other hands-on jobs will remain largely untouched by AI, they said, noting that tech-savvy young workers may be best positioned to fill new jobs that do incorporate AI. "We're in the flux of dramatic change," said Lynn Wu, a professor of operations, information and decisions at the University of Pennsylvania. "I sympathize with college graduates. In the short run, they may stay with mom and dad for a while. But in the long run, they'll be fine. They're AI natives." Over the early months of 2025, the job market for recent college graduates "deteriorated noticeably," the New York Federal Reserve said in April. It did not provide a reason for the trend. The unemployment rate for recent college graduates reached 5.8%, its highest level since 2021, while the underemployment rate soared above 40%, the New York Fed said. Youth unemployment likely stems from trends in the broader economy rather than AI, Anu Madgavkar, the head of labor market research at the McKinsey Global Institute, told ABC News The softening job market coincides with business uncertaint y and gloomy economic forecasts elicited by President Donald Trump's tariff policy. "It's not surprising we're seeing this unemployment for young people," Madgavkar said. "There is a lot of economic uncertainty." Still, entry-level tasks in white collar professions stand at serious risk from AI, analysts said, pointing to the technology's capacity to perform written and computational tasks as opposed to manual work. AI could replace work previously performed by low-level employees, such as legal assistants compiling relevant precedent for a case or computer programmers writing a basic set of code, Madgavkar said. "Is the bleeding edge or the first type of work to be hit a little more skewed toward entry-level, more basic work getting automated right now? That's probably true," Madgavkar said. "You could have fewer people getting a foothold." Speaking bluntly, Wu said: "The biggest problem is that the career ladder is being broken." For the most part, however, Madgavkar said entry-level positions would change rather than disappear. Managers will prize problem-solving and analysis over tasks dependent on sheer effort, she added, noting the required set of skills will likely include a capacity to use AI. "I don't think it means we'll have no demand for entry-level workers or massively less demand," Madgavakar said. "I just think expectations for young people to use these tools will accelerate very quickly." Some jobs and tasks remain largely immune to AI automation, analysts said, pointing to hands-on work such as manual labor and trades, as well as professional roles like doctors and upper management. Isabella Loaiza, a researcher at the Massachusetts Institute of Technology who studies AI and the workforce, co-authored a study examining the shift in jobs and tasks across the U.S. economy between 2016 and 2024. Rather than dispense with qualities like critical thinking and empathy, workplace technology heightened the need for workers who exhibit those attributes, Loaiza said, citing demand for occupations like early-education teachers, home health aides and therapists. "It is true we're seeing AI having an impact on white-collar work instead of more blue-collar work," Loaiza said.
