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☆ Meta's Llama 2 gives detailed guidance on making anthrax, Senators learned in a rare moment of interest at AI Forum
▼ + stars: | 2023-09-20 | by ( Kali Hays | Bryan Metzger | ) www.businessinsider.com time to read: +4 min

It was a mostly staid meeting until the potential harms from Meta's new Llama 2 model came up. That prompted a testy exchange between Harris and Mark Zuckerberg, co-founder and CEO of Meta, formerly known as Facebook. "It was one of the only moments in the whole thing that was like, 'Oh,'" one of the senators present said, describing the exchange as having caught people's attention. "It was, 'Ok, next speaker,' it moved right along," one of the senators present said. Its ability to turn up detailed instructions for creating a biological weapon like anthrax is to be expected, two people familiar with the company said.

Persons: Tristan Harris, Harris, Mark Zuckerberg, Zuckerberg, Elon Musk, Sam Altman, Satya Nadella, Jensen Huang, Sundar Pichai, Chuck Schumer, Democratic Sen, Martin Heinrich, Republican Sens, Mike Rounds, Todd Young, OpenAI's, It's, Meta, ChatGPT, Google's Bard, Kali Hays Organizations: Center for Humane Technology, Meta, Facebook, The Washington, Elon, Twitter, SpaceX, Microsoft, Nvidia, Google, Senate, Democratic, Republican, YouTube Locations: khays@insider.com, @hayskali

Lawmakers are especially concerned about the use of AI to creates content that falsely depicts candidates in political advertisements to influence federal elections. Senate Democratic Leader Chuck Schumer told reporters a day after the AI forum that included technology leaders including Tesla (TSLA.O) CEO Elon Musk, Meta Platforms (META.O) CEO Mark Zuckerberg and Alphabet (GOOGL.O) CEO Sundar Pichai that election AI legislation may need to move faster. "Some things may have to go sooner than others and elections is one of the things that we may have to try to do soonest," Schumer said on Thursday. Experts say the proliferation of AI tools could make it far easier to, for instance, conduct mass hacking campaigns or create fake profiles on social media to spread false information and propaganda. He said it will be "a real challenge" to get agreement on such legislation "on both sides."

Persons: Chuck Schumer, Mike Rounds, Todd Young, Julia Nikhinson, Elon Musk, Mark Zuckerberg, Sundar Pichai, Schumer, Donald Trump, Amy Klobuchar, Josh Hawley, David Shepardson, Rick Cowan Organizations: Intelligence, U.S, Capitol, REUTERS, Rights, Democratic, Republican, Thomson Locations: Washington , U.S, Washington

WASHINGTON, Sept 13 (Reuters) - Tesla (TSLA.O) CEO Elon Musk called on Wednesday for a U.S. "referee" for artificial intelligence after he, Meta Platforms (META.O) CEO Mark Zuckerberg, Alphabet (GOOGL.O) CEO Sundar Pichai and other tech CEOs met with lawmakers at Capitol Hill to discuss AI regulation. Musk said there was need for a regulator to ensure the safe use of AI. "It's important for us to have a referee," Musk told reporters, comparing it to sports. Musk confirmed he had called AI "a double-edged sword" during the forum. Other attendees included Nvidia (NVDA.O) CEO Jensen Huang, Microsoft (MSFT.O) CEO Satya Nadella, IBM (IBM.N) CEO Arvind Krishna, former Microsoft CEO Bill Gates and AFL-CIO labor federation President Liz Shuler.

Persons: Elon Musk, Mark Zuckerberg, Sundar Pichai, Musk, Zuckerberg, Chuck Schumer, Todd Young, Leah Millis, Mike Rounds, Rounds, Jensen Huang, Satya Nadella, Arvind Krishna, Bill Gates, Liz Shuler, Schumer, Joe Biden's, David Shepardson, Moira Warburton, Mike Stone, Jonathan Oatis, Rosalba O'Brien, David Gregorio Our Organizations: Capitol, Lawmakers, Democratic, Republican, Intelligence, Senate, U.S, REUTERS, Nvidia, Microsoft, IBM, AFL, Regulators, Adobe, Google, Thomson Locations: Washington , U.S

☆ Elon Musk, Mark Zuckerberg, Bill Gates and other tech leaders in closed Senate session about AI
▼ + stars: | 2023-09-13 | by ( Lauren Feiner | ) www.cnbc.com time to read: +8 min

Senate Majority Leader Chuck Schumer, D-N.Y., hosted the panel of tech executives, labor and civil rights leaders as part of the Senate's inaugural "AI Insight Forum." Google CEO Sundar Pichai, arrives for a US Senate bipartisan Artificial Intelligence (AI) Insight Forum at the US Capitol in Washington, DC, on September 13, 2023. Working toward legislationSchumer said in his prepared remarks that the event marked the beginning of "an enormous and complex and vital undertaking: building a foundation for bipartisan AI policy that Congress can pass." Successful legislation will need to be bipartisan, Schumer added, saying he'd spoken with House Speaker Kevin McCarthy, R-Calif., who was "encouraging." Sen. Maria Cantwell, D-Wash., who leads the Commerce Committee, predicted lawmakers could get AI legislation "done in the next year."

Persons: Elon Musk, Alex Karp, Chuck Schumer, Leah Millis, CNBC's Eamon Javers, Sens, Mike Rounds, Martin Heinrich, Todd Young, Schumer, Sam Altman, Eric Schmidt, Mark Zuckerberg, Sundar Pichai, Jensen Huang, Satya Nadella, Arvind Krishna, Bill Gates, Charles Rivkin, Liz Shuler, Meredith Steihm, Randi Weingarten, Maya Wiley, CIO's Shuler, Musk, Shuler, Sen, Pichai, Mandel Ngan, Meta's Zuckerberg, Meta, Julia Nikhinson, Reuters Schumer, Kevin McCarthy, he'd, Young, Maria Cantwell, Altman, We're, Elon Organizations: Intelligence, Senate, U.S, Capitol, Reuters Tech, Microsoft Nvidia, IBM, Microsoft, Former, Tesla, Meta, Nvidia, Federation of Teachers, Civil, Human Rights, AFL, Artificial Intelligence, AFP, Getty, EU, Reuters, Chinese Communist Party, Commerce, Science, CNBC, YouTube Locations: Washington , U.S, U.S, Washington ,, Washington, deepfakes

☆ Top tech CEOs to discuss AI on Capitol Hill
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTop tech CEOs to discuss AI on Capitol HillSenator Mike Rounds (R—S.D.) joins 'Squawk Box' to discuss what he hopes to get from the top tech CEOs on Capitol Hill, what the Senator makes of tech executives pleading for regulation in AI, and more.

Persons: Mike Rounds Organizations: Capitol Hill, Capitol

☆ Chuck Schumer hosts tech companies Google, Meta, Microsoft, and X over AI regulations including Chat GPT
▼ + stars: | 2023-09-13 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Among those attending the in-person event will be the CEOs of Anthropic, Google, IBM, Meta, Microsoft, Nvidia, OpenAI, Palantir and X, the company formerly known as Twitter. But crucially, the event could also shed light on the political feasibility of a broad, sweeping AI law, setting expectations for what Congress may achieve. IBM CEO Arvind Krishna will also seek to “demystify” a widely held impression that AI development is done only by a handful of companies like OpenAI or Google, Padilla said. Some authors have sued OpenAI over those claims, while others have asked in an open letter to be paid by AI companies. New AI legislation could also serve as a potential backstop to voluntary commitments that some AI companies made to the Biden administration earlier this year to ensure their AI models undergo outside testing before they are released to the public.

Persons: Bill Gates, Eric Schmidt, Chuck Schumer, he’s, Mark Zuckerberg, Elon Musk, ”, Christopher Padilla, Padilla, Arvind Krishna, Sam Altman, Clement Delangue, OpenAI, Maya Wiley, they’ve, Wiley, “, ” Wiley, Schumer, South Dakota Republican Sen, Mike Rounds, New Mexico Democratic Sen, Martin Heinrich, Indiana Republican Sen, Todd Young —, “ It’s, Biden Organizations: Washington CNN, Anthropic, Google, IBM, Meta, Microsoft, Nvidia, Twitter, Senate, CNN, The New York Times, Disney, Conference, Civil, Human, South Dakota Republican, New, New Mexico Democratic, Indiana Republican, Capitol, European Union Locations: Washington, New Mexico

☆ Elon Musk, Mark Zuckerberg, Bill Gates and other tech names head to Washington for a closed-door meeting on policing AI
▼ + stars: | 2023-09-13 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Some of the world's biggest tech leaders gathered in Washington, DC for a closed-door forum on AI. Elon Musk, Mark Zuckerberg, Bill Gates, and other tech leaders all were scheduled to attend. The closed-door forum on Capitol Hill included almost two dozen tech executives, tech advocates, civil rights groups and labor leaders. Tech leaders outlined their views, with each participant getting three minutes to speak on a topic of their choosing. AdvertisementAdvertisementStill, some senators were critical of the private meeting, arguing that tech executives should testify in public.

Persons: Elon Musk, Mark Zuckerberg, Bill Gates, Musk, Chuck Schumer, Meta's Mark Zuckerberg, Tesla, OpenAI's Sam Altman, Schumer, Sen, Mike Rounds, Eric Schmidt, Zuckerberg, Arvind Krishna, Josh Hawley, Hawley, Richard Blumenthal, Conn Organizations: Service, Capitol, Microsoft, Tech, IBM Locations: Washington ,, Wall, Silicon

But he’s hoping that they will give senators some realistic direction as he tries to do what Congress hasn't done for many years — pass meaningful regulation of the tech industry. “It’s going to be a fascinating group because they have different points of view,” Schumer said in an interview with The Associated Press ahead of the forum. Many members of Congress agree that legislation will probably be needed in response to the quick escalation of artificial intelligence tools in government, business and daily life. In the United States, most major tech companies have expressed support for AI regulations, though they don’t necessarily agree on what that means. Blumenthal’s framework calls for a new “licensing regime” that would require tech companies to seek licenses for high-risk AI systems.

Persons: Chuck Schumer, Meta’s Mark Zuckerberg, Elon Musk, Bill Gates, Schumer, Republican Sen, Mike Rounds, “ It’s, ” Schumer, ” Rounds, “, ”, Mark Warner, Democratic Sen, Martin Heinrich of, Todd Young, Indiana —, Sam Altman, Forrester, Sen, Young, ” Young, “ We’ve, Dana Rao, We’ve, Richard Blumenthal, Conn, Josh Hawley, ” Blumenthal, ___ O'Brien, Ali Swenson, Kelvin Chan Organizations: WASHINGTON, Capitol, Microsoft, Republican, Associated Press, AP, Democratic, European Union, Adobe Locations: South Dakota, Martin Heinrich of New Mexico, Indiana, U.S, United States, Europe, Josh Hawley of Missouri, Providence , Rhode Island, New York, London

☆ Musk, Zuckerberg, Gates to join US senators for AI forum
▼ + stars: | 2023-09-13 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Microsoft President Brad Smith, Nvidia's chief scientist William Dally, and Professor Woodrow Hartzog wait to testify before a Senate Judiciary Privacy, Technology, and the Law Subcommittee hearing on "Oversight of A.I. : Legislating on Artificial Intelligence" on Capitol Hill in Washington, U.S., September 12, 2023. Other expected attendees include feature OpenAI CEO Sam Altman, Nvidia (NVDA.O) CEO Jensen Huang, Microsoft (MSFT.O) CEO Satya Nadella, IBM (IBM.N) CEO Arvind Krishna, former Microsoft CEO Bill Gates, AFL-CIO President Liz Shuler and Senators Mike Rounds, Martin Heinrich, and Todd Young. Microsoft President Brad Smith told a Senate Judiciary subcommittee on Tuesday Congress should "require safety brakes for AI that controls or manages critical infrastructure." Smith compared AI safeguards to requiring circuit breakers in buildings, school buses having emergency brakes and airplanes having collision avoidance systems.

Persons: Brad Smith, William Dally, Woodrow Hartzog, Leah Millis, Elon Musk, Mark Zuckerberg, Sundar Pichai, Chuck Schumer, ChatGPT, Sam Altman, Jensen Huang, Satya Nadella, Arvind Krishna, Bill Gates, Liz Shuler, Mike Rounds, Martin Heinrich, Todd Young, Schumer, Smith, Joe Biden's, David Shepardson, Lincoln Organizations: Privacy, Technology, REUTERS, Capitol Hill, Nvidia, Microsoft, IBM, AFL, Regulators, Google, Thomson Locations: Washington , U.S, WASHINGTON, Senate's

Kristi Noem is expected to endorse Donald Trump’s presidential campaign when he travels to her state for a Republican fundraiser on Friday. Trump will appear in Rapid City for an event hosted by the state's GOP, and Noem is expected to introduce and endorse Trump, according to a senior Republican who spoke on condition of anonymity to discuss the plans. Political Cartoons View All 1148 ImagesWhen Trump was asked Thursday whether Noem will endorse him, he said, “I don’t know exactly.”“But I am going,” he said. In July 2020, Noem hosted Trump for a fireworks celebration at Mount Rushmore. During the first GOP presidential debate, she ran an ad to encourage people to move to South Dakota.

Persons: Kristi Noem, Donald Trump’s, Trump, Ian Fury, coy, ”, Noem, “, Kristi’s, John Thune, Mike Rounds, South Carolina Sen, Tim Scott Organizations: WASHINGTON, South Dakota Gov, Republican, GOP, Fox News, ” CNN, Trump, Mount, New York Times, South Locations: Rapid City, South Dakota, America

☆ McConnell Releases New Health Assurances From the Capitol’s Physician
▼ + stars: | 2023-09-05 | by ( Carl Hulse | More About Carl Hulse | ) www.nytimes.com time to read: +1 min

Dr. Monahan cited a similar reason when he issued a letter after Mr. McConnell’s incident last week before having examined him or conducted any tests. So far, no senator has publicly called for any discussion of Mr. McConnell’s health, and most Republicans who have spoken have been supportive of him. “Mitch is sharp, and he is shrewd,” Senator Mike Rounds, Republican of South Dakota, said Sunday on CNN. I will leave it up to him as to how he wants to discuss that with the American public. But there’s no doubt in my mind that he is perfectly capable of continuing on at this stage of the game.”

Persons: ” Mr, McConnell, Dr, Monahan, McConnell’s, “ Mitch, Mike Rounds, “, ” Organizations: Senate, Republicans, Capitol, Republican, CNN Locations: Washington, South Dakota

The Senate returns Tuesday from a month-long recess as Congress gears up for a rocky September with a whole host of to-dos – including averting a government shutdown – before the fiscal year’s end. Accordingly, congressional leaders have made clear that a stop-gap measure to keep the government funded will be necessary. But even without the demands on the CR, reconciling the House and Senate's spending bills more broadly is expected to be a heavy lift this month, and perhaps beyond. Even so, some Senate Republicans were quick to come to McConnell’s defense. But questions about the leader’s health are expected to run in the background this week as the Senate gets to work on a number of priorities.

Persons: Kevin McCarthy, McCarthy, Chuck Schumer, Mitch McConnell, ”, Sen, Susan Collins of, McConnell “, Mike Rounds, McConnell, Joe Biden, Biden, Marjorie Taylor Greene Organizations: Caucus, Republicans, New York Democrat, Kentucky Republican, South Dakota, CNN, Senate, Georgia Republican, House Locations: Kentucky, Susan Collins of Maine, Washington, Georgia

☆ Senators move to require release of US government UFO records
▼ + stars: | 2023-07-14 | by ( Josephine Walker | ) www.reuters.com time to read: +3 min

WASHINGTON, July 14 (Reuters) - The Senate in the coming days is expected to consider a bipartisan measure that would compel the U.S. government to publicly release records relating to possible UFO sightings after decades of stonewalling. Their 64-page proposal is modeled after a 1992 U.S. law spelling out the handling of records related to the 1963 assassination of President John Kennedy. "Our goal is to assure credibility with regard to any investigation or record keeping of materials" associated with UAPs, Rounds said. Under the measure, records must be publicly disclosed in full no later than 25 years after the law is enacted unless the U.S. president certifies that continued postponement is necessary because of a direct harm to national security. The Pentagon has investigated numerous unexplained sightings reported by military aviators and NASA formed a special panel to look into UAPs.

Persons: Chuck Schumer, Mike Rounds, John Kennedy, Schumer, Rounds, Harry Reid, Josephine Walker, Richard Cowan, Will Dunham Organizations: Senate, Democrat, Republican, Senate's Intelligence, Armed Services, U.S . National Archives, Records Administration, Democratic, U.S . Navy, Pentagon, NASA, Thomson Locations: stonewalling, U.S, Congress

☆ Biden's Federal Reserve Board nominees clear key Senate committee
▼ + stars: | 2023-07-12 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Senate Banking Committee approved President Joe Biden's three nominees to the Federal Reserve Board of Governors on Wednesday, teeing up a vote in the full Senate later this year. The committee unanimously approved Philip Jefferson as Biden's nominee for vice chair of the Federal Reserve. Lisa Cook, who Biden has nominated for a full, 14-year term on the Federal Reserve Board, was approved 13-10 by the panel. The third nominee the committee advanced was Adriana Kugler, whom Biden tapped in May to join the Federal Reserve Board of Governors for the first time. Jefferson would be only the second Black person to hold the vice chair position in the history of the Fed board.

Persons: Philip Jefferson, WASHINGTON —, Joe Biden's, teeing, Jefferson, Lael Brainard, Lisa Cook, Biden, Cook, Adriana Kugler, Kugler, South Dakota Republican Sen, Mike Rounds Organizations: Federal, Capitol, WASHINGTON, Federal Reserve, Governors, Fed, National Economic, Federal Reserve Board, South Dakota Republican, World Bank, World Bank Group, U.S, American, Fed's, of Governors Locations: Washington , U.S

☆ GOP Sen. Mike Rounds praises presidential candidate Tim Scott as 'the closest to a Ronald Reagan' in the 2024 race: 'None of us are ever going to be ashamed of supporting him'
▼ + stars: | 2023-06-17 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Sen. Mike Rounds praised Sen. Tim Scott as "the closest to a Ronald Reagan" in the 2024 GOP WH race. Rounds recalled comparing Scott to the GOP icon during an interview with The Washington Post. Rounds and Sen. John Thune, both of South Dakota, are supporting Scott's presidential campaign. "I think he's the right guy for the job, positive," Rounds said of Scott during a conversation with Thune. "He's the closest to a [new] Ronald Reagan, in terms of his excitement, his ability to communicate, his forward-thinking, his understanding of defense issues, his understanding of business."

Persons: Sen, Mike Rounds, Tim Scott, Ronald Reagan, Rounds, Scott, John Thune, —, John Thune of, Scott —, Thune, Donald Trump, Ron DeSantis Organizations: GOP, Washington Post, Service, South, Republican, Senate Banking Committee, Senate Finance, Republicans Locations: South Dakota, South Carolina, John Thune of South Dakota, Florida

☆ Schumer to host first of three senator-only A.I. briefings as Congress considers how to regulate
▼ + stars: | 2023-06-13 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

U.S. Senate Majority Leader Chuck Schumer, Democrat of New York, speaks about China competitiveness legislation alongside Democratic Senate committee chairs at the U.S. Capitol in Washington, D.C., May 3, 2023. Senate Majority Leader Chuck Schumer, D-N.Y., is set to host the first of three educational sessions about artificial intelligence Tuesday as Congress considers how best to regulate the technology. Tuesday's talk is set to offer a general overview of AI and its current capabilities, Schumer said. In the letter, the senators said the three discussions would ask the following questions:Where is AI today? How do the Department of Defense and Intelligence Community use AI today and what do we know about how our adversaries are using AI[?]

Persons: Chuck Schumer, Schumer, Antonio Torralba, Sam Altman, Mike Rounds, Martin Heinrich, Todd Young Organizations: Democratic, U.S, Capitol, Washington , D.C, Senate, Massachusetts Institute of Technology, Lawmakers, Sens, of Defense, Intelligence, CNBC, YouTube Locations: New York, China, Washington ,

☆ Trump delivers fiery post-indictment speech: 'They're coming after you'
▼ + stars: | 2023-06-10 | by ( Matt Dixon | ) www.cnbc.com time to read: +8 min

They're coming after you — and I'm just standing in their way," Trump said. The indictment alleged that Trump not only withheld classified documents but lied to federal agents and investigators about his involvement. Another person in attendance was the conservative Trump ally Rep. Marjorie Taylor, R-Ga., whom the former president brought onstage for brief remarks. He said the details of the Trump indictment were "devastating." Trump was also set to speak at the North Carolina Republican Party's annual convention on Saturday night.

Persons: Donald Trump's, Trump, — Donald Trump's, they're, They're, Biden, Jack Smith, Smith, Joe Biden, Brian Kemp, Brad Raffensperger, Raffensperger, Kemp, Burt Jones, Marjorie Taylor, —, Kari Lake, That's, Ron DeSantis, Hunter, DeSantis, Chris Christie, Sen, Mike Rounds, Mike Pence Organizations: Newark International Airport, Biden administration's weaponized Department, Injustice, Georgia Republican, Columbus Convention, Trade Center, Trump, Justice Department, FBI, DNC, Republican, Fox News Saturday, Gov, Army, Arizona, Georgia Republicans, National Rifle Association, New, Republicans, North, North Carolina Republican Locations: Newark , N.J, Georgia, North Carolina, COLUMBUS, Chattahoochee, Columbus, Trump, Miami, Florida, New Jersey, America, New York, Iowa

☆ Trump set to deliver fiery post-indictment speech: 'They're coming after you'
▼ + stars: | 2023-06-10 | by ( Matt Dixon | ) www.cnbc.com time to read: +7 min

"In the end, they're not coming after me, they're coming after you -- and I'm just standing in their way," Trump will say, according to his prepared remarks. The indictment alleges Trump not only withheld classified documents but lied to federal agents and investigators about his involvement. "The weaponization of federal law enforcement represents a mortal threat to a free society," Florida Gov. He said the details of the Trump indictment is "devastating." Trump was also set to speak at the North Carolina Republican Party's annual convention on Saturday night.

Persons: Donald Trump's, Trump, — Donald Trump's, they're, Jack Smith, Joe Biden, Brian Kemp, Brad Raffensperger, Kemp, Raffensperger, Burt Jones, Biden, Kari Lake, That's, Ron DeSantis, Hunter, DeSantis, Chris Christie, Sen, Mike Rounds, Mike Pence Organizations: Newark International Airport, Georgia Republican, Columbus Convention, Trade Center, America, FBI, DNC, Trump, Republican, Fox News, Gov, Arizona, Georgia Republicans, National Rifle Association, Department, Justice, New, Republicans, Department of Justice, North, North Carolina Republican Locations: Newark , N.J, Georgia, North Carolina, COLUMBUS, Chattahoochee, Columbus, Trump, State, Miami, Florida, New Jersey, America, New York, Iowa

☆ The US Senate is working to get up to speed on AI basics ahead of any legislation
▼ + stars: | 2023-06-07 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

The deliberate pace of progress contrasts with the blistering speed with which companies and organizations have embraced generative AI, and the flood of investment into the industry. “The Senate must deepen our expertise in this pressing topic,” Schumer wrote in a letter to colleagues announcing the briefings. Options include forming a select committee to craft a comprehensive AI bill, or “splitting out and having lots of different committees come up with different pieces of legislation,” Rounds said. Sen. Michael Bennet has introduced legislation to create a new federal agency with authority to regulate AI, for example. And on Wednesday, Sen. Josh Hawley unveiled his own framework for AI legislation that called for letting Americans sue companies for harms created by AI models.

Persons: Chuck Schumer, Schumer, “, ” Schumer, South Dakota Republican Sen, Mike Rounds, Rounds, New Mexico Democratic Sen, Martin Heinrich, Indiana Republican Sen, Todd Young — haven’t, ” Rounds, Sam Altman, Sen, Michael Bennet, Josh Hawley, ” Organizations: Washington CNN, guardrails, South Dakota Republican, Washington, New, New Mexico Democratic, Indiana Republican, National Defense Locations: New Mexico

Though the showdown unnerved investors and prompted threats of a second U.S. debt downgrade in a little over a decade, proposals to abolish the debt ceiling have gained little traction in Congress in recent years. But Democrats did not try to abolish the debt ceiling when they controlled the White House and both chambers of Congress in 2021 and 2022. 'OUTLIVED ITS USEFULNESS'Some budget hawks who previously supported the debt ceiling now argue that the growing dysfunction in Washington has made the risk of default too great. Absent those reforms, many budget experts say the debt ceiling is the only way to force some sort of fiscal restraint. "I would never just drop the debt ceiling and do nothing else in its stead.

Persons: we've, Mike Rounds, Janet Yellen, Steve Ellis, We're, Bill Foster, Barack Obama, Brian Riedl, Riedl, MacGuineas, Andy Sullivan, David Morgan, Scott Malone, Chizu Organizations: Republicans, Democratic, White, Republican, Taxpayers, Democrats, Congress, Biden, Manhattan Institute, Center, Budget, Thomson Locations: U.S, Washington, United States, Denmark

☆ Sen. Tim Scott kicks off 2024 presidential bid, entering GOP primary field led by Trump
▼ + stars: | 2023-05-22 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

Trump has easily led the pack since launching his campaign last year, with Florida Gov. "Tim Scott is the real deal, and he will make a great president of the united states," Thune told the crowd in North Charleston before Scott took the stage. "This can't be another presidential campaign. The long-expected campaign kickoff came three days after Scott filed paperwork with the Federal Election Commission designating a principal committee for a presidential bid. "Tim is a big step up from Ron DeSanctimonious, who is totally unelectable," Trump wrote in a social media post earlier Monday.

Florida lawmakers sent DeSantis a bill that would let him stay governor while running for president. "I don't think we have seen a six-month stretch that has ever been this productive in the history of our state," DeSantis said at the Florida Capitol in Tallahassee on Friday. Should DeSantis be successful in a presidential run, he would follow in the footsteps of Democrat Bill Clinton and Republican George W. Bush. Ron DeSantis speaks during an election night watch party at the Convention Center in Tampa, Florida, on November 8, 2022. During a press conference in Panama City, Florida, on Thursday, DeSantis continued to play coy about his intentions.

FDIC Chair Martin Gruenberg has said the report, to be released at 2:00 p.m. EDT (1800 GMT) on Monday, will address options on deposit insurance coverage levels, excess deposit insurance, implications of risk-based pricing and the adequacy of the regulator's deposit insurance fund, which will take an estimated $20 billion hit from the failure of SVB and a smaller knock of about $2.5 billion from Signature Bank. The FDIC's deposit insurance fund helps to fulfill the agency's guarantee of bank deposits up to $250,000 per person. In the event an insured bank fails, the FDIC uses the deposit insurance fund to pay back customers who maintained accounts under the limit. U.S. Federal Reserve Chair Jerome Powell told Republican lawmakers in March that Congress should re-evaluate limits on the size of federally insured bank deposits. Some analysts have floated a more targeted change: raising the insurance cap for small business accounts used to manage payroll and other transactions.

☆ FDIC sees merits of increasing backstop for business accounts
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: +3 min

A key U.S. banking regulator on Monday laid out a range of options for reforming the federal deposit insurance system and concluded that significantly increasing the backstop for bank accounts used for business purposes was the "most promising." In the wake of March's lightning-fast bank failures, expanding coverage for accounts used to cover payroll, invoices and other large business transactions has emerged as the Federal Deposit Insurance Corp's preferred route for balancing financial stability and depositor protection, relative to its cost. Keeping the current system, where coverage is limited to $250,000 per-person per-bank, was the third option considered. The FDIC's deposit insurance fund helps to fulfill the agency's guarantee of bank deposits up to $250,000 per person. In the event an insured bank fails, the FDIC uses the deposit insurance fund to pay back customers who maintained accounts under the limit.

☆ Even Republican senators aren't sold on the GOP plan to fight over the debt ceiling again in a year
▼ + stars: | 2023-04-25 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Kevin McCarthy plans to have the House vote on his debt ceiling bill on Wednesday. Other House GOP lawmakers wanted to see stricter work requirements for welfare programs in the legislation. House Speaker Kevin McCarthy's proposal would only raise the debt ceiling by $1.5 trillion, or until March 31, 2024 — whichever comes first. Ensuring another debt ceiling fight just months before next year's elections is reportedly drawing some ire, or at least headaches, from fellow Republicans. "The American people expect and deserve serious, sensible action to address our soaring national debt," McCarthy and other GOP leaders said in a statement on the legislation.

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