It is up to the federal government to make sure America embraces rapid technological change in a way that is “positive for as many of our citizens as possible,” said Rep. John Delaney (D-MD).
In an interview with Cheddar, the Congressman said he doesn’t believe such progress is a threat to the labor market.
“Innovation generally creates more jobs than it displaces,” said Delaney. “But the problem is oftentimes the jobs that get created by innovation are not located in the same places where the jobs that were displaced are located.”
He pointed out that 80 percent of venture capital in this country goes to just California, New York, and Boston, which means that innovation and job creation is highly concentrated in and around those places.
“I think that will continue unless policymakers do things to make sure more of our country has the opportunity to have people invest in their communities and kind of benefit from this innovation.”
Delaney founded the A.I. Caucus to do just that. Comprised of lawmakers from both sides of the aisle, the group strives to work with the private sector to come up with policy ideas that can help the country keep up with technological change.
“I just want to make sure we don’t leave huge parts of the country behind,” he said.
The Treasury Department pushed for the requirement to help close the tax gap in the crypto industry by forcing better IRS reporting, but legislators on both sides of the aisle argue that the language is too broad and could curb innovation in the space.
The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession.
Federal officials said Monday they are seeking more than $160,000 in fines from eight airline passengers over incidents involving alcohol.
President Joe Biden is ordering a record-setting 50 million barrels of oil released from America's strategic reserve to help bring down energy costs.
El Salvador President Nayib Bukele says his government will build an oceanside “Bitcoin City” at the base of a volcano.
President Joe Biden announced he’s nominating Jerome Powell for a second term as Federal Reserve chair, endorsing Powell’s stewardship of the economy through a brutal pandemic recession.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Kyle Rittenhouse has been acquitted of all charges after pleading self-defense in the deadly Kenosha, Wisconsin, shootings that became a flashpoint in the nation’s debate over guns, vigilantism and racial injustice.
A sharply divided House has approved the Democrats’ sweeping social and environment bill, a big victory for President Joe Biden.
A rare first printing of the U.S. Constitution has sold at Sotheby’s in New York for $43.2 million, a record price for a document or book sold at auction.
