Dhruv Bhutani / Android Authority
TL;DR
- Senator Bernie Sanders is introducing a bill that would give the public a direct 50% stake in America’s largest artificial intelligence companies.
- The bill would create an independent commission to oversee the sovereign wealth fund, prevent decisions that hurt the American people, and push for policies that help them.
- If passed, the wealth fund is estimated to be worth about $7 trillion, which would give everyone in the U.S. the equivalent of $1,000 from the initial 5% annual dividend.
One of the many reasons AI is controversial is that it is trained on data and content produced by real people. However, all profits from artificial intelligence go only to the companies that create the models. However, one US senator wants to redirect some of that cash flow back to the public.
Senator Bernie Sanders of Vermont has introduced a bill aimed at giving Americans a share of the profits from artificial intelligence. according to press releasethis law would give the public a 50% ownership stake in the largest artificial intelligence companies in the United States. This will be done through a one-time 50% tax on the shares of these companies.
In a statement, Sanders explains:
Unchecked, artificial intelligence and robotics threaten the jobs, privacy rights, and mental health of every man, woman, and child in America. As a society, we can no longer sit back and let a handful of Big Tech oligarchs determine the future of this revolutionary technology without any democratic input. Artificial intelligence was not created out of thin air. It wasn’t just a bright idea from the imagination of Mark Zuckerberg or Elon Musk. The foundation of artificial intelligence is based on the collective knowledge of humanity and the creative work of tens of millions of people. The American people must have the ability to slow it down and make sure that AI benefits humanity, not just the richest people on the planet. This legislation does just that.
If passed, the bill would do three main things:
- Create an independent commission: This commission will consist of seven members selected by the President and confirmed by the Senate, and nominees will be selected from a bipartisan list of names submitted by Congress. This commission will manage the sovereign wealth fund, block decisions that will harm the US public and push for policies that will help them.
- Break down the AI companies: Companies operating both AI and non-AI businesses will be required to divest those businesses so that the public can have an ownership stake in the AI business.
- Give Americans Money: Profits generated by artificial intelligence will be used for the benefit of US citizens.
It is estimated that the sovereign wealth fund created by this legislation will be worth about 7 trillion dollars. The plan would be to start with a 5% annual dividend from this fund, which would pay $1,000 a year directly to each American. If AI companies continue to grow, each individual will make more money. Conversely, if the value of these companies goes down, only these companies will face losses.
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