Congressman Subramanyam Calls For Investigation to Assess and Prepare For Impacts Of An AI Bubble Burst On The Economy

Washington, D.C. – Congressman Suhas Subramanyam (VA-10), member of the House Science, Space, and Technology Committee, has sent a letter to the Chair of the Federal Reserve and the Chair of the Securities and Exchange Commission (SEC) pushing for an investigation into the existence of an “AI bubble” and its potential impact on the American economy. 

Speculation of an “AI bubble” is emerging due to technology companies heavily invested in AI making up a large share of major public index funds. The bursting of this “AI bubble” could devastate public markets as well as the savings and retirement accounts of working families and seniors across the country. Many leaders of technology and AI companies like Sam Altman, CEO of Open AI, and Jeff Bezos, Executive Chairman and founder of Amazon, have claimed that an AI bubble does exist, furthering the need and urgency to investigate.

“AI has quickly become enmeshed in all parts of our society and economy. Major tech companies heavily invested in AI make up a large share of market value and much of the economy is now intertwined with their success,” said Congressman Suhas Subramanyam. “We have seen this many times before with companies considered ‘too big to fail.’ We need transparency into the AI bubble to better understand what’s going on and make sure we are prepared.” 

View the full letter here.

###