The Question of AI Regulation – Rohan Sivakumar University of Chicago, Gabriel Philipp, Siena University
At 10:00 am on 7/30/25, the Senate Banking Subcommittee on Securities, Insurance, and Investment convened a panel of three industry experts to gain clarity on the best path forward in the age of Artificial Intelligence (AI). All three witnesses provided an optimistic view of AI, particularly in its widespread integration and adoption by American industries. Apart from a few questions from Senator Jack Reed (D-RI) and Catherine Cortez Masto (D-NV) regarding the impact of the current administration’s attitude towards climate change on the insurance industry, the hearing was largely apolitical. Throughout the hearing, there was a significant emphasis on how AI can be developed safely and in ways that benefit the population over corporate enterprises. There was a reference to a speech given by Geoffrey Hinton , 2024 Nobel Physics Prize winner, warning about the future of AI development. He points out within his speech that AI has two ways it could be developed. It could b...