Chairman Scott Leads AI Hearing Focused on Affordability, American Innovation, and National Security

Washington, D.C. - Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) led a hearing on how artificial intelligence can strengthen the American economy, support small businesses, protect consumers, and keep the United States ahead of China and other adversaries. Chairman Scott emphasized that AI presents both opportunities and risks, and that Congress must ask the right questions, listen to experts, and ensure America remains the best place in the world to build and deploy responsible innovation. Chairman Scott also highlighted AI's potential to help lower everyday costs for families, expand opportunity for workers and small businesses, and expand access to faster and more reliable financial services.

Chairman Scott's opening remarks as delivered:

Good morning.

Thank you to the witnesses for taking your time and sharing your expertise over the next couple of hours.

Today, this Committee is asking a simple but important question: how do we get artificial intelligence right?

That is the ultimate question I think we are struggling with as a nation, and frankly, as a Committee.

That means making sure AI strengthens our economy, supports small businesses, and protects consumers.

It means keeping America ahead of China and our adversaries.

And it means using American innovation to help families facing the high cost of housing, borrowing, and everyday life.

AI is a powerful tool.

Like any powerful tool, it brings both opportunity and risk.

We should not run from this potential, but we should also not ignore the risks.

We should ask the right questions, listen to the experts before us, and make sure America remains ahead.

For the people we serve in South Carolina and across this nation, the real question is whether this technology makes life better.

Can it help a family in North Charleston save time and money on a mortgage?

Can it help a small business in Greenville become more competitive?

Protect a senior in Columbia from fraud?

Bring new jobs to communities like Spartanburg?

If we get this right, the answer can be yes.

AI will also change the way Americans work.

That does not mean we should fear the future.

It means we need to make sure workers have the tools, training, and opportunity to benefit from it.

The future of work should not be something America fears.

It actually should be something America leads.

AI solutions that help increase affordability for American families will not come from government bureaucracy.

They will come from entrepreneurs, innovators, workers, and small business owners willing to use these new tools to build, compete, and solve problems.

This is where AI can be part of the solution.

Roughly 20 percent of small businesses in the United States today are already using AI to help lower the cost of doing business - which means prices are going to be lower for consumers. And, in the financial services sector, AI can reduce friction and frankly increase speed.

It can improve customer service.

Help detect fraud faster.

Help small businesses do more with less.

AI should be a tool that strengthens American workers, not one that makes them feel replaceable.

There is dignity in work, and if America leads, AI can help workers build skills, support their families, and create new opportunities in South Carolina and all across this great nation.

But responsible AI innovation matters.

And when we consider regulation, we must ask whether it will make it harder for a community bank to lend, a startup to grow, or a family to access credit.

We need thoughtful and well-informed solutions that protect Americans and mitigate major risks without hampering innovation or pushing it overseas.

That is why this hearing is so important, and frankly timely.

AI is already changing our economy and our markets.

We must make sure the next chapter of responsible innovation is written here in America, not in China.

Cybersecurity and national security must be taken seriously.

The United States cannot afford to let China or any other adversary gain a technological edge in artificial intelligence.

This includes global markets, where China and Huawei are pursuing an aggressive agenda to displace U.S. technology around the world.

The world's tech stack, including powerful AI tools, must be built on trusted U.S. networks and technology.

We have to carefully craft export control policy that is clear and concise - allowing U.S. companies to compete in the global market while ensuring we are not handing our adversaries tools they can use against us.

This hearing builds on the work we have already started through member roundtables.

Today, we will hear from experts who can help this Committee better understand the opportunities, the risks, and the choices before us.

I look forward to your testimonies.

If America leads, AI can help lower costs, improve affordability, expand opportunity, strengthen small businesses, protect our financial system, and keep America secure.

That is the future we should be fighting for.